Social Security

Congress Nibbles at Obama’s Budget

Posted on 04/18/2013 by | Washington Watch | Comments

Bulletin Today | PoliticsNow it’s Congress’ turn. Last week President Obama made his budget proposal, and lawmakers on Capitol Hill already have begun trying to bend it to their will. On April 18, in fact, the House Ways and Means Committee will take up one of the most controversial pages in the budget book: the proposal to change the way that benefits under Social Security and other federal programs are adjusted for inflation. The “chained consumer price index,” or chained CPI, would mean …

Why the Chained CPI is Wrong for Social Security

Posted on 04/11/2013 by | AARP Blog Author | Comments

PoliticsYesterday, the President included Social Security cuts in his budget through a proposal called the “chained CPI”. Let’s take a minute and break down exactly what that means: The chained CPI would modify the way the cost-of-living-adjustment (COLA) for Social Security is calculated, cutting benefits by $127 billion dollars over the next 10 years alone. That comes out to over $2000 in lost benefits for the average senior. Some have tried to defend this unprecedented inclusion of Social Security benefit …

What’s the Reaction to Obama’s Social Security Proposal?

Posted on 04/10/2013 by | Washington Watch | Comments

Bulletin Today | PoliticsWe knew it was coming. Still, now here, it’s causing quite a stir. President Obama’s new budget proposes a change in the formula for Social Security cost-of-living adjustments. Many Democrats are saying they disagree with their president. Many Republicans are saying they like the idea and want it implemented quickly. And advocates for older Americans are saying, “No way.” The proposed change, called the chained CPI, is a twist on the consumer price index, the formula that helps Social Security, veterans …

Obama’s $3.8 Trillion Budget: Social Security, Medicare Cut

Posted on 04/10/2013 by | General News | Comments

Bulletin Today | PoliticsBy Martin Crutsinger, Associated Press Economics Writer WASHINGTON (AP) — President Barack Obama sent Congress a $3.8 trillion spending blueprint on Wednesday that strives to achieve a “grand bargain” to tame runaway deficits, raising taxes on the wealthy and trimming popular benefit programs including Social Security and Medicare. The president’s budget projects deficit reductions of $1.8 trillion over the next decade, achieved with higher taxes, reductions in payments to Medicare providers and cutbacks in the cost-of-living adjustments paid to millions …

9 Things to Look for in the President’s Budget

Posted on 04/9/2013 by | Washington Watch | Comments

PoliticsThe GOP-controlled House of Representatives approved a budget proposal first. Then came a very different document from the Democratic-controlled Senate. Now thousands more pages of numbers will land with a thud on Capitol Hill on April 10. It’s the president’s annual budget proposal. Unless you’re an underemployed CPA or an incurable policy wonk, you probably won’t want to wade through all that. So here’s a short checklist of what you should watch for in the budget: A chained CPI. This twist on …

Obama Ready to Propose Big Changes in Medicare, Social Security?

Posted on 04/3/2013 by | Washington Watch | Comments

Bulletin Today | PoliticsWhen President Obama’s budget arrives on Capitol Hill on April 10, lawmakers in the opposition party — in keeping with a time-honored Washington custom — are certain to immediately brand it “Dead on Arrival.” This year, however, Obama’s fellow Democrats may not be far behind. Obama is reportedly ready to propose some big changes in Medicare and Social Security — two programs that Democrats have traditionally gone to the mat to protect. As Salon’s Joan Walsh reports: “White House sources …

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