Most voters agree that big corporations and the wealthy should start paying their fair share in taxes. But, of course, big corporations and the wealthy don’t want to do that. They want to pay less, and they are used to getting their way. So what do you do?
As you might imagine that’s very difficult to live on. I cannot afford to lose any of my benefits due to the chained CPI cut in benefits. This is especially important to me as a woman. Women represent 57% of all Social Security beneficiaries. Chained CPI would hit female beneficiaries especially hard because we tend to live longer.
Are we spending too much on seniors and too little on kids? Many will recognize this as a classic either-or fallacy (what about tax breaks for the wealthy…?) But with Ronald Brownstein, Ezra Klein and Charlie Cook all repeating the Urban Institute statistic that federal spending on seniors is nearly seven times that on children, the idea that seniors are crowding out children’s programs is catching on in Washington. Meanwhile, Urban Institute’s estimate that state and local governments spend nine times more on kids than on seniors hasn’t gotten the same attention. Overall, it appears that government spending on seniors is roughly double (or less) that on children, though this measure includes Social Security, which is almost entirely funded through worker contributions.
Sen. Jay Rockefeller (D-W-Va.) introduced the Medicare Drug Savings Act of 2013 that would produce savings without passing on costs to seniors.
The act offers a worthwhile alternative to this approach, strengthening the Medicare program’s fiscal footing while shielding beneficiaries from harmful cost-shifting. The Congressional Budget Office (CBO) estimates that restoration of Medicaid-level drug rebates for low-income Medicare beneficiaries would save the federal government $141 billion over 10 years. As federal budget negotiations continue, we urge you to consider the following critical facts:
Did you know that the CEOs of the Campaign to Fix the Debt, the corporate front group that wants to cut Social Security and Medicare and lower corporate taxes, have parked more than $418 billion of untaxed corporate profits overseas? Overall it is estimated that U.S. corporations have as much as $1.9 trillion sheltered overseas. That would make a nice down payment on fixing the debt.
The budget that President Obama released today is drawing intense criticism for its cuts to Social Security and Medicare benefits. AFL-CIO President Richard Trumka called those cuts “wrong and indefensible.”
A president’s budget is more than just numbers. It is a profoundly moral document. We believe cutting Social Security benefits and shifting costs to Medicare beneficiaries—while exempting corporate America from shared sacrifice—is wrong and indefensible.
While more than 2 million people signed a petition that was delivered to President Obama today urging him not to cut Social Security, Medicare or Medicaid and to abandon a "chained" CPI formula, hundreds more have left photo messages for the president.
The 'Chained' CPI is a benefit cut to a program that does not contribute to the deficit. Do not barter it away in the name of deficit reduction. Stand strongly against all cuts to Social Security, Medicare and Medicaid.
U.S. lawmakers and policymakers who are pushing extreme austerity measures and spending cuts over job-creating investments as the magic path to economic stability should take a long hard look at what’s happened to the nations of the European Union (EU) that have imposed strict fiscal austerity policies. Unemployment has soared, according to a new report on the EU labor market from the International Labor Organization (ILO).
There are more than 10 million more jobless people in Europe now than at the start of the crisis. There are now more than 26 million Europeans without jobs, with young and low-skilled workers being the hardest hit.
As word spreads that President Obama’s budget proposal will call for Social Security and Medicare benefit cuts, other voices are calling for increasing the successful programs instead as the medicine struggling families and a weak economy need.
A report for the New America Foundation highlights the crisis in retirement security and proposes expanding Social Security.