Why is Bush still controlling social insurance?
According to reports, President Barack Obama hopes that his legacy may include a “grand bargain” in which Republicans agree to tax increases on the rich if Democrats will agree to cuts in benefits for the elderly, including cuts to Social Security brought about by “chained CPI” (a different way to adjust Social Security benefits for inflation).
Here is the president’s idea of shared sacrifice among the many and the few (courtesy of Dean Baker):
Barack Obama proposes a painful hit to middle-class and working-class seniors, in return for an increase on taxes on the rich so small that they will hardly notice. Bargain? Yes. Grand? Not so much.
By legitimating changes that could lead over time to the conversion of Social Security into a means-tested program for the elderly poor only, Barack Obama has proven himself to be a true and worthy successor of his predecessor, George W. Bush.