The rich want more tax cuts, they will be very unhappy without them. Where to get the money? Just steal it from the poor, the elderly, widows, orphans, and disabled veterans!
President Obama and Speaker Boehner appear close to striking a deal that includes Social Security benefit cuts, what is known in Beltway-speak as “chained CPI.” For millions of seniors, Social Security pays for crucial medicine, food, and daily necessities. The greatest impact would be on the oldest seniors, which happens to correlate with the poorest. For most of the middle class, Social Security is the last remaining defined-benefit retirement program available.
The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012. The latest cost of living allowance (COLA) comes to about a dollar a month – that’s without Obama’s cuts!
Obama’s offer would make permanent some of the Bush Tax Cuts for the top 2% that President Obama previously promised to oppose, while raising taxes on middle class workers. The payroll tax holiday would expire, meaning middle class workers will see smaller paychecks in 2013.
Our President is breaking some of his most often repeated promises, and in exchange what are the Republicans giving up? Nothing.
This is an attack on retirees and the middle class, pure and simple. Makes me very glad I never voted for President Obama.
UPDATE: Jane Hamsher: Can We Please Stop Pretending Obama is “Capitulating” on Social Security?
The President has been very forthcoming about the fact that cutting Social Security benefits is something he wants to do. When he said during the debate that he didn’t differ from Mitt Romney on entitlement reform, he meant it. It’s time for people to remove the rose-colored glasses and stop projecting their own feelings on to the man. It’s time to take him at his word.
UPDATE: Boehner dismisses President Obama’s plea for compromise. After Rep. Nancy Pelosi promised to deliver Democratic votes for a Social Security benefit cut, Speaker Boehner was our only hope. And the leader of the Party of NO (or is it Hell NO?) delivered.
Americans Overwhelmingly Oppose Obama Plan to Cut Social Security
David Dayen: Obama’s Latest Fiscal Slope Offer: I’m Missing the Part Where Republicans Give Up Something
More on Chained CPI, the Benefit Cut for Social Security on the Table in Fiscal Slope Discussions