Thursday, August 26, 2010

In Washington DC the United Corporate Congress is discussing Social Security cuts. Once again where is that change we voted for? We all might want to call the White House and inquire about this. According to Dean Baker:

There is no evidence that the elite Social Security cutters have any idea of the financial situation of those approaching retirement. They continually tout the idea of cutting benefits for the "affluent elderly." Unless we redefine the concept of "affluent" down by quite a bit (maybe to $50,000 a year), there are not enough affluent elderly for cuts to their Social Security benefits to make any difference either for Social Security's solvency or the unified government budget, which includes Social Security's finances.

The elite Social Security cutters also seem to have little clue about the sort of jobs most workers hold when they suggest raising the retirement age. While the Washington crew can probably hold their breakfast meetings and power lunches well into their 70s, nearly half of workers over age 58 work at jobs that are either physically demanding or involve difficult work conditions. To these people, the idea of working into their 70s isn't quite so cute.

It should also bother workers that plans to cut Social Security would take away benefits for which they have already paid. The Social Security trust fund has accumulated a surplus of more than $2.5 trillion. According to the report issued just last week by the Social Security trustees, the program can pay all future benefits through the year 2037 with no changes whatsoever. The workers who will be retiring in the next 15-20 years have paid for their benefits. They have every right to be furious if President Obama or anyone else suggests taking these benefits away from them.

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