Obama proposes Social Security cuts in 2014 budget
President Barack Obama has released his fiscal 2014 budget proposal and much to the dismay of his own party, it includes cuts to Social Security. Initially thought to be a Republican attack on entitlements during the partisan 2011 debt ceiling “grand bargain” debate, Social Security cuts now seem to be Obama’s idea. The president’s fiscal 2014 budget plan would replace the way current Social Security and disability cost of living (COLA) increases are calculated, replacing them with a chained Consumer Price Index (CPI). The result would reduce Social Security, and disability payments and would get substantially larger over time. Read more…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.