Thursday, April 11, 2013
Seniors say, 'We can't afford Social Security cuts'
http://money.cnn.com/2013/04/11/news/economy/social-security-chained-cpi/index.html?iid=SF_E_Lead
According to the article, in a recently released budget, President Obama proposed basing the way the annual increases are calculated on "chained CPI," which grows more slowly than the current inflation measure. That would mean that seniors would get smaller bumps in their Social Security payments each year. Even though the difference is technically not considerable at first, it could accumulate over time and pose as a problem for the seniors. However, this seems like a much needed step to fix the deficit since Social Security and Medicare are the two vast drivers of budget deficits. Taxing rich people who only account for 1 or 2% of the population is not going to do us any good even though it appears to be reasonable. Nobody hates the seniors but something has to be done in order to get us out of this mess.
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3 comments:
I think this article represents the ugly reality of the situation. Social Security and Medicare are two programs that are financially out of control and at some point we are going to have to take painful measures to make them affordable. That is the reality of the situation.
I agree with Aust. The sad truth is that the Social Security program will not be able to fund our entire retirements. I think this article shows the importance of saving and investing so that we are financial stable for retirement, with or without Social Security.
I agree with Chris on this one. The odds of me seeing my social security is slim. From what I've been told for the future its a common consensus to only rely on my savings and investing and if there happens to be social security that be a bonus! For those senior citizens for are facing a decrease now, I am sure there will be plenty more to come that are more significant but it is tough to see happen.
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