Thursday, April 11, 2013

Obama’s Plan to Cut Social Security Benefits Sparks Outrage

Image gives credit to MoveOn.
Following the announcement of President Barack Obama’s proposed plan to include budget cuts on Social Security to the chained Consumer Price Index (CPI), outrages opposing the said plan started to take its toll.

In his recent announcement last week, Obama announced his proposed plan that will reduce the growth of Social Security and other disability benefit programs while still pushing on more taxes from the wealthy Americans. The plan was said to be part of the administration’s attempt to strike a broad deficit-cutting deal with the Republicans, an administration official revealed.

Accordingly, the budget cut will reduce the federal government deficit by $1.8 trillion over a decade. However, the Congressional Republicans turned down his proposal due to its significant demand in tax revenue which would reach to more than $1 trillion.

This new proposed plan is actually a revised inflation adjustment which is referred to as the chained CPI. Unfortunately, the new formula would kill the annual increases in a broad course of government programs. Apparently, it would have its biggest impact on the Social Security since it will include a reduction in Medicare spending and Social Security payments. Therefore, seniors will likely receive smaller Social Security checks.

In addition, aside from the veterans, seniors, and the people with disabilities, the new formula would greatly affect the poor Americans said by a Los Angeles SSI lawyer. In fact, a lot of Americans, including those who re-elected him, were hardly surprised by his proposed plan, he added.

Consequently, some liberal groups in Pennsylvania started to descend, forming a protest on the president’s decision to include Social Security programs in his upcoming budget. The liberals were said to be gathering 2 million petitioners to demand the administration to draw its support for the chained CPI. Also, they have mounted “emergency” online campaigns against the said proposal accusing Obama of betraying his very own supporters who helped him in his recent presidential candidacy.

So far, the entire nation is waiting for the releasing of Obama’s budget to determine whether the president pursued on its plan to support the chained CPI or did he chose to exclude the federal programs in the proposed budget in consideration of his electoral supporters.