10 Facts Obama Doesn't Want You to Know About His Social Security Slash Budget Plan

[Lakhota]

By Richard Eskow

Of course it’s a benefit cut. Of course it’s a tax hike, for everyone but the wealthy.

The “chained CPI” proposal in President Obama’s budget continues to draw much-deserved fire, which is only likely to increase as more information about it becomes known.

Here are ten embarrassing facts about the chained CPI which the White House and its defenders would prefer to see overlooked:

1. Of course it’s a benefit cut.

2. Of course it’s a tax hike.

3. And it’s a tax hike for everybody but the wealthy.

4. You could save much more money in other, better ways.

5. The White House’s proposed “bump” disproves its own argument.

6. It’s political suicide for Democrats.

7. The Social Security cut doesn’t reduce the deficit.

8. That tax hike on everybody except the wealthy will help a little. But …

9. The deficit’s already shrinking rapidly.

10. It doesn’t matter if “the GOP asked you to” do this.

It doesn’t matter if “the GOP asked” the White House to call for this benefit cut and middle-class tax hike, as White House Press Secretary Jay Carney is now saying. The President’s been floating the idea for years. He and his appointees have defended it publicly.

And now the President has officially included it in his budget.

The Republican budget did not include it.

And now they’re using it against the President and his Party. That should surprise no one. To paraphrase the question asked by generations of American mothers: If the Republicans asked you to jump off a bridge … ?

The chained CPI is the wrong answer to the wrong problem at the wrong time. It’s time for the White House to recognize that, cut its losses, and ditch this turkey of an idea. In the meantime Democrats need to walk away from it fast, before they pay a high price for it at the polls.

DETAILS: 10 Facts Obama Doesn't Want You to Know About His Social Security Slashing Budget Plan

 

[hortysir]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

 

[RandallFlagg]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

I know.....OBarry is actually making speeches about all the "trillions" he has cut from the deficit.


This fool makes these statements and just expects the "little people" to swallow it up. I need to purchase a rather large squirt gun to spray liberals in the face every time they swoon over this clown - BAD LIBERAL!!!!

 

[Lakhota]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

Knowledge is your friend...

From a research note by Goldman Sachs chief economist Jan Hatzius: The Rapidly Shrinking Federal Deficit.

The federal budget deficit is shrinking rapidly. ...n the 12 months through March 2013, the deficit totaled $911 billion, or 5.7% of GDP. In the first three months of calendar 2013--that is, since the increase in payroll and income tax rates took effect on January 1--we estimate that the deficit has averaged just 4.5% of GDP on a seasonally adjusted basis. This is less than half the peak annual deficit of 10.1% of GDP in fiscal 2009.

There are three main reasons for the sharp reduction in the deficit:

More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

 

[hortysir]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

Knowledge is your friend...

From a research note by Goldman Sachs chief economist Jan Hatzius: The Rapidly Shrinking Federal Deficit.

The federal budget deficit is shrinking rapidly. ...n the 12 months through March 2013, the deficit totaled $911 billion, or 5.7% of GDP. In the first three months of calendar 2013--that is, since the increase in payroll and income tax rates took effect on January 1--we estimate that the deficit has averaged just 4.5% of GDP on a seasonally adjusted basis. This is less than half the peak annual deficit of 10.1% of GDP in fiscal 2009.

There are three main reasons for the sharp reduction in the deficit:

More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

But we STILL have to borrow money to bridge that gap (deficit), thus growing the DEBT

 

[Crackerjaxon]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

Knowledge is your friend...

From a research note by Goldman Sachs chief economist Jan Hatzius: The Rapidly Shrinking Federal Deficit.

The federal budget deficit is shrinking rapidly. ...n the 12 months through March 2013, the deficit totaled $911 billion, or 5.7% of GDP. In the first three months of calendar 2013--that is, since the increase in payroll and income tax rates took effect on January 1--we estimate that the deficit has averaged just 4.5% of GDP on a seasonally adjusted basis. This is less than half the peak annual deficit of 10.1% of GDP in fiscal 2009.

There are three main reasons for the sharp reduction in the deficit:

More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

Couldn't be an increase in GDP causing the "shrinking" deficit, could it?

Nah, just couldn't be.

 

[Lakhota]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

Knowledge is your friend...

From a research note by Goldman Sachs chief economist Jan Hatzius: The Rapidly Shrinking Federal Deficit.

The federal budget deficit is shrinking rapidly. ...n the 12 months through March 2013, the deficit totaled $911 billion, or 5.7% of GDP. In the first three months of calendar 2013--that is, since the increase in payroll and income tax rates took effect on January 1--we estimate that the deficit has averaged just 4.5% of GDP on a seasonally adjusted basis. This is less than half the peak annual deficit of 10.1% of GDP in fiscal 2009.

There are three main reasons for the sharp reduction in the deficit:

More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

But we STILL have to borrow money to bridge that gap (deficit), thus growing the DEBT

Duh, that would be true. However, put that in context with the other nine facts in the OP.

 

[hortysir]

Knowledge is your friend...

More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

But we STILL have to borrow money to bridge that gap (deficit), thus growing the DEBT

Duh, that would be true. However, put that in context with the other nine facts in the OP.

Because the GOP would rather *really* cut spending.
Not just slow the growth of spending

 

[Lakhota]

But we STILL have to borrow money to bridge that gap (deficit), thus growing the DEBT

Duh, that would be true. However, put that in context with the other nine facts in the OP.

Because the GOP would rather *really* cut spending.
Not just slow the growth of spending

How will Obama's proposed Social Security cuts reduce the deficit and debt?

 

[hortysir]

Duh, that would be true. However, put that in context with the other nine facts in the OP.

Because the GOP would rather *really* cut spending.
Not just slow the growth of spending

How will Obama's proposed Social Security cuts reduce the deficit and debt?

it won't.
He'll find something else to spend the money on

 

[Lakhota]

Because the GOP would rather *really* cut spending.
Not just slow the growth of spending

How will Obama's proposed Social Security cuts reduce the deficit and debt?

it won't.
He'll find something else to spend the money on

Except that he can't - because the government does not contribute one penny to Social Security - so any cuts can't be applied or spent elsewhere.

 

[Clementine]

Duh, that would be true. However, put that in context with the other nine facts in the OP.

Because the GOP would rather *really* cut spending.
Not just slow the growth of spending

How will Obama's proposed Social Security cuts reduce the deficit and debt?

By rights, Social Security shouldn't affect the deficit and should not be considered part of the budget. The Social Security fund is separate and supposedly protected. The government is allowed to borrow from the surplus funds, if any, but are supposed to pay the money back, with interest. As of a few years ago, over a trillion dollars had been borrowed from the fund and no indication it will be paid back anytime in the near future. Money from the SS fund itself, not surplus, was promised to be untouchable. Considering the way this keeps coming up now, it's clear that the fund has not been protected and is in serious trouble. If cuts are being made, due to the budget, something has gone terribly wrong. Politicians are the terrible thing that have gone wrong with our country. The elderly should never be frightened with claims they may not get their checks during debt ceiling debates and they shouldn't now be told there will be less money available due to budget cuts.

If wealthy don't pay their "fair share" or the middle class sees increased taxes, that is because congress, past and present, want it that way. They all get full credit for virtually everything. Their job is to create fair rules and regulations, then oversee them. Either they have found their assigned task too difficult to perform or they have chosen to create less than fair rules and have deliberately failed to oversee them.

Social Security was first optional and then made mandatory. They promised the money would be kept in a lockbox, safe from the grubby hands of politicians.

 

[Lakhota]

Obama Flips On 2008 Social Security Promise

Obama Vowed Never To Cut Social Security Cost-Of-Living Before Chained CPI Move (VIDEO)

 

[edthecynic]

"The deficit's shrinking rapidly"






"Reducing the deficit" is a meaningless soundbite. If the DEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.
Federal Budget Spending, Deficits, the National Debt, and Social Security

Knowledge is your friend...

From a research note by Goldman Sachs chief economist Jan Hatzius: The Rapidly Shrinking Federal Deficit.

The federal budget deficit is shrinking rapidly. ...n the 12 months through March 2013, the deficit totaled $911 billion, or 5.7% of GDP. In the first three months of calendar 2013--that is, since the increase in payroll and income tax rates took effect on January 1--we estimate that the deficit has averaged just 4.5% of GDP on a seasonally adjusted basis. This is less than half the peak annual deficit of 10.1% of GDP in fiscal 2009.

There are three main reasons for the sharp reduction in the deficit:

More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

Couldn't be an increase in GDP causing the "shrinking" deficit, could it?

Nah, just couldn't be.

I'll bet you're as surprised as I am that you are right, it just couldn't be. Of course you were being sarcastic, so you lose points for that.

Republicans rip White House over finger pointing in wake of dismal GDP report | Fox News

Republicans accused the White House of having selective amnesia Wednesday after President Obama's top spokesman blamed Republicans for an unexpectedly dismal GDP report that showed the economy contracting in the fourth quarter.

 

[Crackerjaxon]

Knowledge is your friend...



More: Calculated Risk: "The Rapidly Shrinking Federal Deficit"

Couldn't be an increase in GDP causing the "shrinking" deficit, could it?

Nah, just couldn't be.

I'll bet you're as surprised as I am that you are right, it just couldn't be. Of course you were being sarcastic, so you lose points for that.

Republicans rip White House over finger pointing in wake of dismal GDP report | Fox News

Republicans accused the White House of having selective amnesia Wednesday after President Obama's top spokesman blamed Republicans for an unexpectedly dismal GDP report that showed the economy contracting in the fourth quarter.

This isn't the 4th quarter. Try again.

You really are amusing.

 

[francoHFW]

Just a way to get Pubs to the table on tax loopholes.
Makes Pubs look like panderers to the rich...and Obama like a compromiser.
Pubs are saying it's nothing, not far enough. They look like a-holes.

 

[francoHFW]

Couldn't be an increase in GDP causing the "shrinking" deficit, could it?

Nah, just couldn't be.

I'll bet you're as surprised as I am that you are right, it just couldn't be. Of course you were being sarcastic, so you lose points for that.

Republicans rip White House over finger pointing in wake of dismal GDP report | Fox News

Republicans accused the White House of having selective amnesia Wednesday after President Obama's top spokesman blamed Republicans for an unexpectedly dismal GDP report that showed the economy contracting in the fourth quarter.

This isn't the 4th quarter. Try again.

You really are amusing.

Well you're incredibly dumb. Dems blame Pubs for fear of the sequester, defense cuts etc- all just more STUPID destructive BS from the debt ceiling crisis of 2011!!. None of which did ANYTHING but scare everyone with Pub disfunction that has ruined confidence, dupe. Thanks for the world depression, and mindless obstruction and fear mongering ever since..., cretins.

Jeebus, change the channel, ALL experts say defense cuts etc in the 4th quarter cut growth by about 1.5%... brainwashed functional moron lol. Not reported on the Pub Propaganda MAchine. Jeebus, open your eyes, chump of the greedy idiot rich swine.