White House Wants Everyone to Know Obama Supports Cutting Social Security Benefits
Just in case you haven’t gotten the message already, the White House wants to make sure everyone knows President Obama supports cutting Social Security benefits. They are even bragging about Obama’s desire to cut Social Security benefits on the official White House blog:
And he’s laid out a specific plan to do more. His proposal resolves the sequester and reduces our deficit by over $4 trillion dollars in a balanced way- by cutting spending, finding savings in entitlement programs and asking the wealthiest to pay their fair share. As a result the deficit would be cut below its historic average and the debt would fall as a share of the economy over the next decade. Just two months ago Speaker Boehner said there was $800 billion in deficit reduction that could be achieved by only closing loopholes and reducing tax expenditures. So we know we can get this done. Let’s be clear: the President’s proposal to Speaker Boehner is still on the table. Here it is again
If you click on the link it takes you to a PDF of the Obama’s current offer. One of the single biggest items in it is “Spending Savings from Superlative CPI with protections for vulnerable $130.” That is adopting the chained-CPI for for Social Security benefits. It would be a cut to benefits every year that would build cumulatively. The AARP actually has a calculator to show roughly how big a cut it would be for you.
Obama wasn’t forced to reluctantly accept cutting Social Security by Republicans. It is something Obama has always wanted to do and he is actively trying to use it to entice Republicans to support a grand bargain.
The primary thing that has protected your Social Security benefits from being cut under Obama has been House Republicans unwillingness to accept any tax increases.