Washington, D.C.- The budget plan produced by the Senate’s “Gang of Six” offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled. Despite claiming that they will "reform" Social Security on a "separate track, isolated from deficit reduction," the plan includes cuts to Social Security that would be felt in less than six months, as the plan calls for a new inflation formula that will reduce benefits by 0.3 percentage points a year compared with currently scheduled benefits. The plan also calls for a process that is likely to reduce benefits further for future retirees.
The proposed cuts to Social Security are cumulative. This means that after ten years, a beneficiary in her 70s will see a cut of close to 3 percent. After 20 years, the cuts for beneficiaries in their 80s will be close to 6 percent, while the reduction in annual benefits will be close to 9 percent by the time beneficiaries are in their 90s. For a beneficiary in her 90s living on a Social Security income of $15,000, this means a loss of more $1,200 a year in benefits.
Well since most readers of this blog despise "socialism" such as social security, I'm sure you won't see too many here cry a river for this post.
ReplyDeleteThat's terrible for SS cuts to be made the older you get in your retirement. What about all those who died before retirement age and paind in SS system. That money is paid to no one in their family if they are single with no kids.
ReplyDeleteWell I tell you this... If SS will not be here when I'm older or is going to get smaller and smaller by the time I get tot hat age then i want out... I am not paying for the rest of the country to live on my dime when i cant afford shit... I will not support or pay into a fund that helps others but will not help me in the end...
ReplyDeleteSounds great. . .if you're rich.
ReplyDeletethanks republicans and tea party. may you all rot in hell. keep giving the rich a break and continue to screw the middle class.
ReplyDeleteWhats funny is that these guys and their followers all love to claim that the rich are "job creaters" so they shouldn't be taxed. But the fact is that the world economy is based largely off the backs of the American consumer (you and I). If we aren't working, we don't spend, and everybody goes broke. WE, the typical american consumer, are the job creaters.
ReplyDeleteRead the gang of six proposal. It doesn't cut any current level of spending! It cuts the rate of growth in spending.
ReplyDeleteSpending keeps going up!