comments_image Comments

10 Facts Obama Doesn't Want You to Know About His Social Security Slashing Budget Plan

Of course it’s a benefit cut. Of course it’s a tax hike, for everyone but the wealthy.

Continued from previous page


The polls are clear on that question.  Voters over fifty hate the chained CPI. It doesn’t matter whether they’re Democrats, Republicans, or independents. They hate it.

And older Americans are more likely to vote than other voters (who also hate it, according to earlier polls.)

It took the Republicans all of  fifteen minutes to portray this move, which they’ve supported for a long time, as a “shocking attack on seniors.” They’re ready to run a reply of their successful 2010 strategy, when they ran to the left of Dems with a “Seniors’ Bill of Rights” – and recaptured the House.

7. The Social Security cut doesn’t reduce the deficit.

Social Security doesn’t contribute to the deficit, since it’s funded separately. In fact, it’sforbidden by law from contributing to the deficit.

It doesn’t even belong in these negotiations.

8. That tax hike on everybody except the wealthy will help a little. But …

On the other hand, they’ll be hitting everybody except millionaires and billionaires with tax increases that grow with every passing year.

If regressive taxation is something you believe in, then I guess that’s something. Except for our next embarrassing fact …

9. The deficit’s already shrinking rapidly.

The deficit is already shrinking – and “rapidly,” in the words of those radical lefties at Goldman Sachs.

The deficit isn’t our most urgent economic problem. It’s not even close. We desperately need jobs, real wage growth, consumer confidence, financial security for the elderly and disabled (which means increasing Social Security) …

Sure, deficits need to be addressed after the economy’s been righted, but right now they’re nowhere near the top of the list.

In fact, there’s an extremely good chance that the cuts in the President’s budget will make the deficit worse, as austerity cuts have in Europe. The Republican budget would certainly have that effect, since its cuts are far more severe.

10. It doesn’t matter if “the GOP asked you to” do this.

It doesn’t matter if “the GOP asked” the White House to call for this benefit cut and middle-class tax hike,as White House Press Secretary Jay Carney is now  saying. The President’s been floating the idea for years. He and his appointees have defended it publicly.

And now the President has officially included it in his budget.

The Republican budget did not include it.

And now they’re using it against the President and his Party. That should surprise no one. To paraphrase the question asked by generations of American mothers: If the Republicans asked you to jump off a bridge … ?

The chained CPI is the wrong answer to the wrong problem at the wrong time. It’s time for the White House to recognize that, cut its losses, and ditch this turkey of an idea. In the meantime Democrats need to walk away from it fast, before they pay a high price for it at the polls.


Richard (RJ) Eskow is a blogger and writer, a former Wall Street executive, a consultant, and a former musician.

See more stories tagged with: