From The Progressive: http://www.progressive.org/obama-caving-on-social-security
By Matthew Rothschild,
December 18, 2012
President Obama is bending over way too far to reach a budget deal with John Boehner and the Republicans.
By tentatively agreeing to changing the formula for calculating the Consumer Price Index for people on Social Security, Obama has, in fact, agreed to cut the benefits of seniors.
Because the new CPI index doesn’t go up as fast as the traditional measure.
As a result, every year, seniors will receive less than they otherwise would have from Social Security.
And it’s not like they’re getting rich on Social Security as it is. The average monthly check is $1,230 – that’s less than fifteen grand a year.
And now grandma and grandpa aren’t even going to be keeping up with the rate of inflation as traditionally calculated.
Forcing seniors to make do with less on Social Security is not something Obama campaigned on, and it’s not something we need Democrats for.
But there were plenty of warnings.
Obama’s first appointee to head the Office of Management and Budget, Peter Orszag, was in favor of this proposal.
Continue reading at: http://www.progressive.org/obama-caving-on-social-security
