While you weren't looking, Obama still pushing for chained CPI Social Security cuts [View all]

[brentspeak]

Much of the news in the past couple of months concerning the White House has focused on the various IRS and AP controversies, as well as Obama's approval of NSA snooping. But don't worry -- Obama still very much wants to cut your Social Security benefits. You might have missed this story from April.

http://www.news1130.com/2013/04/11/treasury-secretary-lew-tells-congress-administration-believes-budget-deal-can-be-reached/


Treasury Secretary Lew tells Congress administration believes budget deal can be reached

Martin Crutsinger, The Associated Press April 11, 2013 11:13 am

WASHINGTON – Treasury Secretary Jacob Lew told Congress on Thursday that the Obama administration is optimistic about a budget deal, but he urged lawmakers to consider concessions already made in President Barack Obama’s $3.8 trillion spending request.

snip

Democrats also voiced objections to the budget’s proposed changes to Social Security. However, their complaints focused on a plan that would tie the annual cost-of-living adjustments to a different measure of inflation. They said that would limit benefits.

The Obama budget achieves $130 billion in savings by using this “chained CPI” measure of inflation to making cost of living adjustments for Social Security and other government benefit programs.

Senate Finance Committee Chairman Max Baucus, D-Mont., said he would have preferred that the administration achieve savings by raising Social Security payroll taxes on upper-income workers.