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View Diary: Fiscal cliff discussions break down after Republicans demand Social Security cuts (249 comments)

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  •  "Means Testing" is the same as progressive price (2+ / 0-)
    Recommended by:
    vigilant meerkat, glitterscale


    Read The Moment of Truth.  Here's the link.  

    Please Read Pages 49-50 of the Bowles-Simpson recommendations.  This cut is proposed to begin in 2017.
    There are actual formula "bend points" which determine how much beneficiaries' monthly benefit checks are.  These bend points will be changed to "decrease" the benefit.

    This proposal explains this, and includes a chart of the change in bend points, as well.

    It is a MAJOR cut.  Greater than the Chained, or Superlative CPI.  It rivals the approximate 14% cut that raising the full retirement age (FRA) by two (2) years, imposes.
    And, they begin the decrease at just above $9,000 ANNUAL INCOME.  Real wealthy, huh?

    But the percentage of cut really picks up at the working, or lower-middle class income level.

    Notice, how the press always parses their words.  They say either "higher income" or "wealthier"--NOT wealthy.  And I guess they can get away with it, because no one every asks "at what income level does means-testing begin?"

    Please folks, read up on it.  

    Too many people are unconcerned (I suspect) because they assume that it won't apply to them.  Most of them will be wrong, if they assume that.
    •  That is not means testing that is breaking the (0+ / 0-)

      social contract, they are not the same thing.

      •  Well, to each their own. Certainly I disagree. (0+ / 0-)

        I consider "means-testing" to be a major breach of the social contract.  

        I have no recollection personally of ever having been told that I would forfeit a sizeable amount of my monthly benefit due to deficit reduction, or the fact that politicians have decided to no longer honor the social contract, as extended to previous generations.  Especially after having (like millions and millions of other Americans) my payroll taxes doubled in approximately 1983.  

        But, it's good to see someone that's happy with it, since my reading of The Moment of Truth has me prepared to see "Means-Testing" implemented sometime in the relatively near future.

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