The stupidity of Social Security cuts

Robert Reich:

The median income of Americans over 65 is less than $20,000 a year. Nearly 70 percent of them depend on Social Security for more than half of this. The average Social Security benefit is less than $15,000 a year.

Even Social Security’s current cost-of-living adjustment understates the true impact of inflation on elderly recipients, who spend far more on health care than anyone else – including annual increases in Medicare premiums.

Hands off Social Security. If the Republicans are willing to raise tax rates on high earners but demand more spending cuts in return, the President should offer larger cuts in defense spending and corporate welfare.

4 Responses to The stupidity of Social Security cuts

  1. lless December 20, 2012 at 12:14 pm #

    We know our pound of flesh is 122 billion over the first ten years plus some tax bracket creep for most retirees. Now I wonder what the unfunded price tag is over that same ten years of moving from the 250,000 default that happens on January 1st to 400,000? How much of this is redistribution to the wealthy? Call it like it is, this is the Obama taxcut for the rich. We were pretty savage with the term “lie” when it came to Romney’s campaign. Obama promised that he would raise taxes to Clinton levels on income over 250,000 and not touch a dime of Social Security for current retirees. Pants on fire!

  2. russ December 20, 2012 at 5:08 pm #

    That the chained CPI cuts are stupid is obvious. But from the standpoint of the PTB, especially Obama, the stupid part does not matter.

    What matters is imposing austerity on the little people, and making them suffer, just because they have the power to do it.

    What matters is making sure the 1%’s never have to worry about paying for nonsensical wars they start.

    All costs, for misguided wars, failing and corrupt banks, etc., are to be transferred from the tycoon class to a collapsing middle and working class.

    Not because this is fair in any way, but because they can do it.

  3. tsisageya December 20, 2012 at 5:25 pm #

    No, see, here’s what you can’t seem to fathom: There is no stupidity about it. It’s called the long con…LOOTING.

    Did I say that clearly?

  4. tsisageya December 20, 2012 at 5:47 pm #

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