Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Ronald Reagan’s 9 Wisest Words About Social Security
The following is a guest post by David Certner, AARP legislative policy director.The last time we made significant changes to Social Security including adjustments to benefits was the 1983 Social Security amendments. At the time, Social Security had less than a years worth of solvency, and a bipartisan agreement to put Social Security on sound financial footing was essential.
That legislation, negotiated by President Reagan and Democratic House Speaker Tip ONeill, focused on what was needed protect Social Security for the long term. Reagan understood that Social Security is a separately funded program unrelated to problems in the rest of the budget, and he clearly stated that: Social Security has nothing to do with the deficit.
Indeed, today the Social Security trust funds hold $2.8 trillion in government bonds. These reserves have been built up with the contributions that workers and employers have paid into the system for the dedicated purpose of paying Social Security benefits. These funds are held in legally established trusts and cannot be used for any purpose other than paying benefits. According to the latest Trustees report, Social Security can pay full benefits through 2033, and roughly 75 percent of benefits beyond that time.
Since the 1983 amendments, and despite the numerous deficit reduction debates over that time period, Social Security cuts have never been part of any deficit reduction agreement. Congress has always understood as Reagan observed that Social Security has nothing to do with the federal budget deficit. Unfortunately, many policymakers today have forgotten that basic truth and have suggested cuts to Social Security as part of the end of year fiscal cliff budget package. The proposal the so-called chained CPI would change the formula for calculating the Social Security cost of living adjustment (COLA). This COLA cut would reduce benefits by over $100 billion dollars over the next 10 years and would result in thousands of dollars of lost benefits for current (and future) retirees.
MORE...
http://blog.aarp.org/2012/12/19/ronald-reagans-9-wisest-words-about-social-security/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 1383 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (6)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Ronald Reagan’s 9 Wisest Words About Social Security (Original Post)
Purveyor
Dec 2012
OP
ProgressiveProfessor
(22,144 posts)1. OMG you said thing complimentary about Reagan
The torches and pitchforks will be along shortly.
Purveyor
(29,876 posts)2. Flame retardant Kevlar deployed... lol eom