Is Social Security Safe For Now?
It looks like Progressives may be able to claim a victory. According to the Associated Press, “The White House says President Obama's upcoming budget proposal will not include his past offer to accept lowered cost-of-living increases in Social Security and other benefit programs.” In other words, the next budget won't include so-called “Chained CPI.” That cost-of-living calculation would have lowered Social Security benefits by an averaging $70 dollars a month, or about 6.5 percent over 20 years.
If it was enacted by Congress and the President, it would have been a huge cut to seniors, veterans, and the disabled. Ever since President Obama offered chained CPI in exchange for higher taxes on the rich, Progressives have been fighting hard to protect Social Security. They've argued that instead of balancing the budget on the backs of the poor and disabled, we should lift the cap on Social Security taxes and close corporate loopholes that cost us billions. If this AP report is true, Progressives should claim this victory, and keep fighting to make the rich pay their fair share.