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View Diary: There is no generational divide on Social Security (127 comments)

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  •  "The Big Lie About Social Security" NY Review of (4+ / 0-)
    Recommended by:
    mimi9, antirove, figbash, stolen water

    Books: The Big Lie..."

    The president’s 18-member fiscal commission, which must report its recommendations by December 1, will almost certainly use its political ammunition against Social Security. Why? Because its members can’t agree on cuts related to Medicare or Medicaid, or related to health care reform in general, that will have a meaningful effect on future costs. In contrast, after years of denigration by some politicians and economists, Social Security benefits have become a comparatively easy target.

    Tied up in this is the inexplicable notion that current Social Security benefits—which for the second year in a row are not being adjusted for inflation—are adequate. The average monthly benefit is now $1400. And Social Security accounts for 90 percent of income for one third of retired Americans. Women receive less on average because they have fewer working years. And now most American workers have seen their 401(k) savings fall sharply as a result of the financial crisis. More important, the value of homes, which are many Americans’ main asset, has collapsed.

    This is no way to run a government. Of course the trillion-dollar increase in the deficit, coupled with the rise in Washington of vocal and well-financed deficit hawks, has put pressure on the administration. Adding to this have been the many campaign ads attacking big government that have filled the airwaves as the election approaches. But why is Obama throwing his weight behind vigorous deficit reduction?

    "History is a tragedy, not a melodrama." - I.F.Stone

    by bigchin on Sun Dec 19, 2010 at 07:45:14 PM PST

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