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View Diary: LIVEBLOG: Progressive statements opposing Social Security benefit cuts (204 comments)

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  •  I'm hoping this is correct (2+ / 0-)
    Recommended by:
    democrattotheend, elwior

    I'm not sure that there is a way for the President to get a deal without some compromise on COLA, although I have read (and welcome more information) about the way that this reduction may compound over time.  I am 15 years at least from retirement.  Don't really want to retire, but for various reasons (no inherited assets, no house, wife's partial disability) we will not have much of a nest egg.  I'll need social security. I'm OK with a degree of poverty and expect it... but worry that the compounded effects over ten or more years of COLA increasing below inflation might cause difficulties.

    Still, I recognize that some sort of compromise on entitlements is inevitable.  I favor more means testing, and realize that COLA may be the least damaging of the options.  

    “If the misery of the poor be caused not by the laws of nature, but by our institutions, great is our sin.” Charles Darwin

    by ivorybill on Tue Dec 18, 2012 at 09:18:22 AM PST

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    •  I see you are a VERY wealthy person (0+ / 0-)

      and so the COLA reductions will affect you...NOT! Won't affect me either, and I checked right away. :-)

      "We have cast our lot with something bigger than ourselves" - President Obama, July 30, 2010

      by Overseas on Tue Dec 18, 2012 at 09:35:19 AM PST

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    •  Today's presser (0+ / 0-)

      Q    Yes, Jay, a lot of top Democrats on the Hill, and I think President Obama, spent the campaign season saying, let’s not touch Social Security -- it doesn’t add to the deficit; we can resolve this issue without going to that entitlement program. What is the President’s message to those lawmakers who promised constituents that Social Security would not be touched after the President now has put chain CPI on the table for Republicans?

      MR. CARNEY:  Well, let’s be clear about one thing:  The President didn’t put it on the table.  This is something that Republicans want.  And it is --

      Q    But the Republicans --

      MR. CARNEY:  -- part of his -- if I could please answer Sam’s question, I’d appreciate it.  And the President did include it in his counterproposal, his counteroffer, as part of this process, as part of the negotiation process.  I would note that this is a technical change -- would be if instated -- to the way that economists calculate inflation, and it would affect every program that has -- that uses the CPI in its calculations.  And so it’s not directed at one particular program; it would affect every program that uses CPI. There are also -- as part of the President’s proposals, he would make sure that the most vulnerable were exempted out from this change../..

      MR. CARNEY:  Let me again make clear two things.  One, the President has always said as part of this process when we’re talking about the spending cuts side of this that it would require tough choices by both sides.  And that is certainly the case if you want to reach an agreement.

      Secondly, this is a technical adjustment that supporters of it and economists -- outside economists say is meant to make the government’s estimates of inflation more accurate.  Thirdly, as part of the President’s proposal, there is a clause that would protect vulnerable communities including the very elderly when it comes to Social Security recipients.

      "We have cast our lot with something bigger than ourselves" - President Obama, July 30, 2010

      by Overseas on Tue Dec 18, 2012 at 02:30:08 PM PST

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