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Austerity Is Dead; Stop Pushing It, Drop the Chained CPI and Increase Social Security
Deficit projections have already by $200 billion for this year alone, so why do Republicans keep lunging for ever-more radical spending cuts like they were corn dogs at a barbecue? That’s more in deficit reduction than President Obama’s proposed cut…
Congressional budget analysts say Obama budget pares deficits by $1.1 trillion over decade
President Barack Obama’s budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it, Congress’ nonpartisan budget analyst said Friday. After four straight years…
TOP VETERANS’ ADVOCATE: Obama’s Budget Contains One Of The Most Galling Mistakes Of His Presidency
As a concession to Republican members of Congress who want to see meaningful entitlement reform, President Barack Obama included in his budget the so-called Chained CPI, a cumbersome economic fix that will lead to thousands of dollars lost to Social Security beneficiaries.…
Pew report shows decline in retirement security for most Americans
On Thursday, the Economic Mobility Project of the Pew Charitable Trusts released a new report documenting an important aspect of the growing social crisis in the United States. The study, titled “Retirement Security Across Generations: Are Americans Prepared for Their…
Progressives solidify opposition to changes on Social Security, Medicare
If President Barack Obama is feeling the heat from the right about the IRS, AP and Benghazi, he won’t find much comfort by turning to his base. Despite declaring on Friday that “others may get distracted by chasing every fleeting issue that passes…
Social insecurity and the Obama administration
President Obama is betraying his own promises and his Democratic base by agreeing to cut Social Security. In 2007 and 2008, while running for president, candidate Barack Obama said, “I believe that cutting benefits is not the right answer.” Read…
Alliance for Retired Americans Friday Alert, May 17, 2013
Sen. Tom Harkin (D-IA) recently introduced the Strengthen Social Security Act, S.567. Instead of offering a cold, calculated benefit cut like the chained CPI, this bill would actually increase Social Security Cost of Living Adjustments (COLA’s) by an average of…
Gen X to be worse off than Boomers in retirement, study finds
If they don’t start paying off debt and saving more, Gen Xers (those between the ages of 38 and 47) and younger Boomers (those in their late 40s to mid-50s) are on track to retire financially worse off than the…
Retirement Age Rises Sharply to 61 Years Old
The erosion of savings, the collapse of the stock market four years ago and home price dips have pressed the retirement age upward. The trend is likely to mean older Americans will work longer, which could rob young people of job options. Read…
Spending and Saving Suffer with Expiration of Payroll Tax Cut
Expiration of payroll tax cut will lead to reduction in spending and slowdown in paydown of consumer debt: Survey A significant majority of Americans plan to cut spending in the wake of the expiration of the payroll tax cut, a…