Once again a federal Budget is being proposed, and once again it seems the little people, those who can least afford it are the ones taking the bigger hit. Percentage wise that is.
I want to throw that in there because of the way these things are mathematically laid out and how advocates of one philosophy handle the equations as opposed to the other. You see folks, it’s all in the numbers, and the way you add up those numbers and the formula that ones uses to justify their cause.
But the point remains, any cuts in Social Security which this budget calls for is just plain unacceptable. It attacks the people who can least afford it. Many of whom depend solely on Social security.
The budget plan, released today, calls for changing the way the annual cost of living adjustments for Social Security and other federal programs are calculated. Shifting to what they call “Chained CPI” from the current inflation measurement .
According to the Obama administration this would reduce the federal debt by $230 billion, but it also would mean that seniors would get smaller increases in their Social Security payments each year.
The president’s proposal would provide protections for the oldest seniors, low-income seniors and veterans, as well as those who are disabled.
But the change would still make a difference for many people. Chained CPI is expected to grow between 0.25 and 0.3 percentage points each year, according to CNN News.
Initially, the reduction in growth of Social Security checks would be quite small…. between $38 and $45 in the first year, for the average retired worker. But, over time, that would grow into hundreds of dollars CNN said in an article published today.
The difference get bigger over time. According to the National Women’s Law Center, a retiree who was collecting $17,520 last year would see 6.5% less, $1,139 by age 85, if chained CPI were adopted now. A decade after, their payments would be 9.2% smaller, or $1,612.
For a lot of seniors, Social Security is virtually their only income. “A decrease of almost $600 a year…for people in that situation is significant”. said Paul Van de Water, senior fellow at the Center on Budget and Policy Priorities.
The president’s proposal however, was not accepted well on Capitol Hill, where both Democrats and Republicans came out in opposition to it.
Any serious reductions of Social Security benefits would be devastating to those who are most dependent on the system. There are those I am sure, who will fall back on the old perception that is not their fault that these people did not prepare themselves for retirement. No one said it is. But, this program is an entitlement, and these people, who payed into the system are entitled to their benefits. The Federal Government should not be tapping their till, as partial resolution to resolving the Federal deficit. By enhancing poverty, we create another crisis. In the end, as a result, the Feds would just have to step back up to the plate and help these new extreme poverty level people.
Of course, this is just the beginning of yet another argument over Social Security and its future. It is a public debate that all of us are going to be involved in. It involves us. It involves our future, and our retirement. Shutting down Social Security is not the answer to controlling government spending. It is nothing more than an easy attack on those least able to defend themselves. But, as has always been the case, these people are always the first one stepped on in a budget crisis. They are an easy hit.
That’s my point of view. As usual, I look forward to your insight’s on the issues of the day. Until then,
Have a great day and as usual……………..God Bless America.