The White House “Grand Bargain” is actually a Raw Deal for Middle Class Families

2018-05-15T20:57:24+00:00July 7th, 2011|Uncategorized|

Max Richtman, NCPSSM Executive VP/Acting CEO

Sacrificing Social Security Benefits for Millions of Americans isn?t Fiscal Responsibility

?While President Obama has acknowledged that Social Security is not the cause of the federal deficit, news reports today claim the White House has now proposed Social Security cuts which would impact millions of middle class Americans for generations. Social Security should not be used as a bargaining chip. Proposing cuts which touch virtually every American family in exchange for closing tax loopholes and ending tax cuts for the wealthy few is not ?shared sacrifice?. Social Security is a self-financed program paid for by Americans throughout their working lives. It has kept millions from poverty for more than 75 years and has absolutely nothing to do with the federal deficit. President Obama has promised Social Security benefits for current retirees would not be at risk and that he would not ?slash? benefits for future generations. However, that?s exactly what will happen if the COLA formula is changed as has been reported. The chained CPI is nothing more than a backdoor benefit cut Washington hopes Americans won?t notice or understand. Having weathered two years of no COLAs, Washington now wants to tell seniors that ?nothing? is too much.?