President Obama will formally propose cuts to Social Security and Medicare

[JDPriestly]

96. It's Obama, not Republicans, who is proposing this.

What a double-cross!

For others in the economy, there is a chance that with wise management, the outlook will improve and their incomes along with it. That is utterly not true for seniors who rely primarily on Social Security for their income.

20 years ago, a couple who had saved some money might not be relying so much on Social Security for their income. They might be getting some income from return on their savings or investment in addition to Social Security.

Now, banks pay no interest -- or virtually no interest -- so seniors who are no longer working are more dependent than ever on their Social Security benefit and nothing else.

People who worked hard all their lives live on less than $1500 per month even if they did save.

That is shameful.

And the other terrible fact about our economy is that our young workers are struggling with the debts they took on when they went to college.

Meanwhile, I have yet to see the names of the 4000 individuals with offshore accounts on the list that was recently discussed in the Guardian.

They should be royally fined or asked to change their citizenship and declared persona non grata in the US. That may be legally impossible, but it would be appropriate.