Seniors would see smaller Social Security checks under Obama budget due to chained CPI

Apr 10, 2013 Full story: money.cnn.com 99

The budget plan, being released Wednesday, calls for changing the way the annual cost of living adjustments for Social Security and other federal programs are calculated.

The budget plan, being released Wednesday, calls for changing the way the annual cost of living adjustments for Social Security and other federal programs are calculated. Shifting to "chained CPI" from the current inflation measure could reduce the federal debt by $230 billion, but it would also mean that seniors would get smaller increases in their Social Security payments each year.

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Since: Jul 10

Location hidden

#1 Apr 10, 2013
"Obama, says the difference between chained CPI and the current CPI is overstated -- that means Social Security benefits won't be cut by as much as is being forecast."

Any cut is too much.
lolol

Albuquerque, NM

#2 Apr 10, 2013
what oh what will obozo and his lefty shills do after they totally pisz off the seniors who blindly vote dummycrat time after time in Florida, and they lose their votes ? dummycrats touching or even threatening to touch the sacred SS after decades of promising never to do that will lead to obozos equality to Sr. Bush's flub in his 'no new taxes' promise.
Makes sense

Dearborn, MI

#3 Apr 10, 2013
"Cut more"

Signed Republicans

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#4 Apr 10, 2013
WMCOL wrote:
"Obama, says the difference between chained CPI and the current CPI is overstated -- that means Social Security benefits won't be cut by as much as is being forecast."
Any cut is too much.
And the current CPI slides the actual rate of inflation lower by about a third.

Obama is perpetrating this lie to "get the GOP to the table."
But their sworn policy is to ruin Obama's presidency at any cost; so what good will this do?

I believe Obama should withdraw ALL federal spending from the Congressional Districts of all these recalcitrant GOP Congressmen.

No airport, no courts, no mail, no trains stopping at stations.
No highways, no Federal grants, No municipal aid, all soldiers transferred, all bases padlocked.
No federal contracts, no student loans or grants, no Federal reserve, no BANKS, no credit cards.

Want less government?
Enjoy it.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#6 Apr 10, 2013
I have no problem with this; current seniors benefited along with everyone else from artificially low income tax rates all these decades we've been raiding social security.

Everyone is going to have to pay a little to fix the mess we're in.
spocko

Oakland, CA

#7 Apr 10, 2013
Social Security is not the huge contributor to the deficit that the Republicans (so desperately) would have you believe, unless you believe that the United States is literally going to collapse in the near future - Social Security is not -! Besides, Social Security isn't even hard to understand, FICA taxes go in, benefits go out. Unlike healthcare, which involves extremely difficult questions of technological advancement and the specter of rationing, Social Security is just arithmetic. Right now, Social Security costs about 4.5% of GDP. That's going to increase as the baby boomer generation retires, and then in 2030 it steadies out at around 6% of GDP. We have been running surpluses for quite some time adding to the Trust Fundís assets. Some projections, using current numbers, promised benefits outstripping tax revenues such that the Trust Fundís assets may be depleted in just 30 years. But all thatís required are some minor changes in either the pay-ins or pay-outs in the future but Social Security is not part of the alleged Federal deficit crisis. But that has never stopped the modern leaders of our two Parties from raiding the Trust Fund to bankroll the General Fund. But letís be clear, the trust fund has not been raided - "Raiding" means using the funds to pay other expenses, and thereby depleting the funds. That has not happened. Putting the revenues into Treasury bonds means the money has been lent to the government. By law, since 1939, it must be in invested in securities backed by the U.S. government, which essentially are IOUs. By law, it must be paid back.ĖWhy is that so difficult for some people to understandĖ? I suspect, the answer to that is that they have no desire to understand it, because they desperately hold to the troglodyte (right-wing) fiction that the funds are "gone" - so they can outright lie to younger people and irresponsibly mislead them into thinking they will never see a dime of their Social Security. That is false in every way and on so many different levels.

FICA taxes only apply to earnings up to an inflation-indexed cap, now at $106,800. Anything you earn above that amount has no FICA tax deducted from it. Raise the cap to $150,000 and the problem is solved.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#8 Apr 10, 2013
WeTheSheeple wrote:
I have no problem with this; current seniors benefited along with everyone else from artificially low income tax rates all these decades we've been raiding social security.
Everyone is going to have to pay a little to fix the mess we're in.
Wrong. The most wealthy Americans, the 2% benefited.

Social Security is firm to 2039, or 2024, depending on who you listen to.
Social Security cuts hurt the economy.
Simply raising the income cutoff by 50% will make SS flush to the end of this century.

Ideally, the income cut-of could be eliminated completely, and capital gains would be included along with earned income, and the SS payroll tax could be cut by 60 to 80%.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#9 Apr 10, 2013
spocko wrote:
Social Security is not the huge contributor to the deficit that the Republicans (so desperately) would have you believe, unless you believe that the United States is literally going to collapse in the near future - Social Security is not -! Besides, Social Security isn't even hard to understand, FICA taxes go in, benefits go out. Unlike healthcare, which involves extremely difficult questions of technological advancement and the specter of rationing, Social Security is just arithmetic. Right now, Social Security costs about 4.5% of GDP. That's going to increase as the baby boomer generation retires, and then in 2030 it steadies out at around 6% of GDP. We have been running surpluses for quite some time adding to the Trust Fundís assets. Some projections, using current numbers, promised benefits outstripping tax revenues such that the Trust Fundís assets may be depleted in just 30 years. But all thatís required are some minor changes in either the pay-ins or pay-outs in the future but Social Security is not part of the alleged Federal deficit crisis. But that has never stopped the modern leaders of our two Parties from raiding the Trust Fund to bankroll the General Fund. But letís be clear, the trust fund has not been raided - "Raiding" means using the funds to pay other expenses, and thereby depleting the funds. That has not happened. Putting the revenues into Treasury bonds means the money has been lent to the government. By law, since 1939, it must be in invested in securities backed by the U.S. government, which essentially are IOUs. By law, it must be paid back.ĖWhy is that so difficult for some people to understandĖ? I suspect, the answer to that is that they have no desire to understand it, because they desperately hold to the troglodyte (right-wing) fiction that the funds are "gone" - so they can outright lie to younger people and irresponsibly mislead them into thinking they will never see a dime of their Social Security. That is false in every way and on so many different levels.
FICA taxes only apply to earnings up to an inflation-indexed cap, now at $106,800. Anything you earn above that amount has no FICA tax deducted from it. Raise the cap to $150,000 and the problem is solved.
Yow, Spoco, couldn't have said it better.

Do remember, SS increases are spent right away, and stimulate the economy, and generally have historically paid for themselves.

Best immediateeconomy stimulator?
SS BONUS.(An I'm NOT on SS.)
Sterkfontein Swartkrans

Pennington, NJ

#10 Apr 10, 2013
Obama and the democrats have shown time and time again they are willing to throw seniors the disabled and working people under the bus to please his corporate masters! FDR and Truman would be ashamed of today's 'democratic' party.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#11 Apr 10, 2013
Sterkfontein Swartkrans wrote:
Obama and the democrats have shown time and time again they are willing to throw seniors the disabled and working people under the bus to please his corporate masters! FDR and Truman would be ashamed of today's 'democratic' party.
You are about 8% correct.

Obama, but NOT the Democrats are willing to meet the demand of the GOP to "...throw seniors the disabled and working people under the bus to please his corporate masters..."

This is a GOP initiative, and you know it.
Obama wants a 'grand bargain' to stop the monthly funding of the government; and the GOP is willing to throw the entire country under the bus to make hs presidency a failure.
It is the GOP, along with Obama, and you who fail.

FRD would be proud, and Truman doesn't have a thought in his head. He was nearly as dumb as Ron Reagan.

“It's Time to Defeat Terrorism ”

Since: May 11

NYC

#12 Apr 10, 2013
Evidently, Obama does not like those 'White old seniors' as he loves to slash their social security checks and Medicare medical plans. Obama who promised Hope & Change converted America to the welfare country that keeps 90 million Americans out of work and giving them free 'Obama check', free 'Obama phone', free 'Obama care' and free 'Obama's college education and 'Obama free mortgages' paid by printed money of the Bernanke money machines. Obama thinks that this condition of 62 million parasites mostly Blacks, Hispanics and Middle Easterns willingly 'poor','unemployed' and 'disabled' living on Obama's free checks can give him the votes that will keep him and the Democrats in power for decades while destroying the GOP that dares to demand people to go back to work. Obama's 'budget from Mars' proves his delusional and blind about the fall of America to self destruction with failed economy that keeps our young generation especially Black and Hispanic roaming the streets of ghost cities of America where they cannot find a job Obama needs more money from the 47% working Americans to buy the votes of Hispanics and Asian illegal invaders that desire to get food stamps in return for their vote for the Democrats. Will Obama ever look in the mirror to see how 'America destroyer' looks like?

Since: Dec 07

Flint, TX

#13 Apr 10, 2013
Mr_Bill wrote:
<quoted text>
You are about 8% correct.
Obama, but NOT the Democrats are willing to meet the demand of the GOP to "...throw seniors the disabled and working people under the bus to please his corporate masters..."
This is a GOP initiative, and you know it.
Obama wants a 'grand bargain' to stop the monthly funding of the government; and the GOP is willing to throw the entire country under the bus to make hs presidency a failure.
It is the GOP, along with Obama, and you who fail.
FRD would be proud, and Truman doesn't have a thought in his head. He was nearly as dumb as Ron Reagan.
"...throw seniors the desabled and working people under the bus to please his corporate masters...." Nice comment there, vladimir.

The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.

Vladimir Lenin

Since: Dec 07

Flint, TX

#14 Apr 10, 2013
Makes sense wrote:
"Cut more"
Signed Republicans
Bullshit and lie some more...

Signed the democrats.

Since: Dec 07

Flint, TX

#15 Apr 10, 2013
Mr_Bill wrote:
<quoted text>
You are about 8% correct.
Obama, but NOT the Democrats are willing to meet the demand of the GOP to "...throw seniors the disabled and working people under the bus to please his corporate masters..."
This is a GOP initiative, and you know it.
Obama wants a 'grand bargain' to stop the monthly funding of the government; and the GOP is willing to throw the entire country under the bus to make hs presidency a failure.
It is the GOP, along with Obama, and you who fail.
FRD would be proud, and Truman doesn't have a thought in his head. He was nearly as dumb as Ron Reagan.
Scrw this president.....the GOP is trying to save the country from being spent into oblvion..stop the massive government being built by the marxist in chief..stop the lobbyists who are building mansions and mini mansions around DC off the taxpayers, stop families from being forced another 20,000 a year in medical health insurance costs (oh, right...it's affordable) LMAO

Ron Reagan increased the middle and upper class....

nobummer has increased the lower class, increased food stamps, entitlements, tripled government agencies and NO one has seen a benifit.

You and joe biden has the same clueless mind set...if it sounds good..do it! We'll figure out how to pay for it later.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#16 Apr 10, 2013
Mr_Bill wrote:
<quoted text>
Wrong. The most wealthy Americans, the 2% benefited.
Social Security is firm to 2039, or 2024, depending on who you listen to.
Social Security cuts hurt the economy.
Simply raising the income cutoff by 50% will make SS flush to the end of this century.
Ideally, the income cut-of could be eliminated completely, and capital gains would be included along with earned income, and the SS payroll tax could be cut by 60 to 80%.
I agree with everything else you say, but the simple fact is that EVERY American alive today has benefitted from the artificially low income tax rates as a result of raiding the social security trust fund.

If we hadn't allowed Congress to raid those funds, then they would have had to raise taxes to pay for that spending instead.

So yes, we ALL benefited.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#17 Apr 10, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Scrw this president.....the GOP is trying to save the country from being spent into oblvion...
And yet the GOPasaurs are just as guilty of "spending us into oblivion"....

Remind us how many balanced budgets there were under Bush and the GOP controlled congress?

“Obama Shames the USA”

Since: Apr 09

Location hidden

#19 Apr 10, 2013
Mr_Bill wrote:
<quoted text>
You are about 8% correct.
Obama, but NOT the Democrats are willing to meet the demand of the GOP to "...throw seniors the disabled and working people under the bus to please his corporate masters..."
This is a GOP initiative, and you know it.
Obama wants a 'grand bargain' to stop the monthly funding of the government; and the GOP is willing to throw the entire country under the bus to make hs presidency a failure.
It is the GOP, along with Obama, and you who fail.
FRD would be proud, and Truman doesn't have a thought in his head. He was nearly as dumb as Ron Reagan.
Thanks a lot for voting for Obama you stupid a-hole.
spocko

Oakland, CA

#20 Apr 10, 2013
Sterkfontein Swartkrans wrote:
Obama and the democrats have shown time and time again they are willing to throw seniors the disabled and working people under the bus to please his corporate masters! FDR and Truman would be ashamed of today's 'democratic' party.
Huh?

Since: Dec 07

Flint, TX

#21 Apr 10, 2013
WeTheSheeple wrote:
<quoted text>
And yet the GOPasaurs are just as guilty of "spending us into oblivion"....
Remind us how many balanced budgets there were under Bush and the GOP controlled congress?
Reminder slick willie made up a false projected surplus based on money for SS and the dot.com industry which fizzled and busted in 01.

It bogus, a myth and a con game...google clinton surplus myth..enjoy all night reading.

Now, what the hell do you think is killing California right now??????????the massive retirement promises made 30 years ago to state employee's based on....ta da.....the dot.com industry..........

"Uh, it's Bush fault!" You lefties are constistent...consistently wrong...but consistent just the same. LMAO
Don Joe

Minneapolis, MN

#22 Apr 10, 2013
WeTheSheeple wrote:
I have no problem with this; current seniors benefited along with everyone else from artificially low income tax rates all these decades we've been raiding social security.
Everyone is going to have to pay a little to fix the mess we're in.
Hey, I like that line. Let's let the bank robbers use it. After the bank has been robbed, there will be no money in the bank, and then all the customers, and the bankers will have to pay a little to make up for all that was stolen. Why ask the bank robbers to contribute when we can simply make it up taking even more from those who were not bank robbers.

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