Skip to main content

View Diary: Poll: Public rejects Obama budget (237 comments)

Comment Preferences

  •  That money doesn't all "go to" the elderly (13+ / 0-)

    as RJ Eskow pointed out today.  It goes into the pockets of the health care industry, not toward making seniors wealthy, and is paid for out of people's paychecks while they are working.  It also is a direct contribution to the economy, because seniors spend their little stipends.

    A Coalition of the Opposing

    As for the politics, the “keening” crosses political and generational lines.  Fifty-six percent of Republicans in all age groups opposed [chained CPI]  in a recent poll, as did sixty-seven percent of Democrats. Eighty-seven percent of voters over the age of fifty opposed it.

    You may say that these voters don’t matter. What about the “coalition of the ascendant”? Overwhelming majorities of Generation X and Generation Y voters oppose it too, according to a poll conducted last September.

    The Young Lose Out

    They should oppose it. The chained CPI will hurt them more than it would hurt their elders. It will raise taxes throughout much of their working lives, a fate older Americans have escaped. And its benefit cuts will affect them as deeply as they affect seniors who are on Social Security today – even more, in fact, since most of today’s seniors have had one or more COLA increases at today’s higher (but still insufficient) rates.

    The “Divide” strategy only makes sense if you assume that millenials don’t care about other people, including their parents and grandparents – and aren’t very intelligent.

    Brownstein and Cook apparently haven’t realized that, when it comes to Social Security, there is no division between”old” and “young.” There’s only “old” and “not yet old.”

    One Economy, Not Many

    Brownstein and Cook also misread the economic implications of the chained CPI. A national economy is an integrated whole. Seniors with less money spend less on goods and services. The national economy would lose more than $100 billion in government spending under the chained-CPI over the next ten years. And seniors, who overwhelmingly rely on Social Security as all or most of their income, spend that money much more readily than higher-income groups do.

    That gives Social Security expenditures a higher “multiplier effect” than high-income tax breaks, and this lost growth will hurt job and wage growth – two areas that have hit young voters, minorities, and other members of the Democratic base especially hard.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site