I do not receive Social Security yet. I am 44. My husband is 48. I'll admit that we do not have a lot saved for retirement. We plan to be working for many years to come. However, I am also counting on Social Security and Medicare. I really hope cuts are not made to these programs.
We can raise the payroll tax cap and Social Security will be solvent for many years to come. Here are Ed and Bernie Sanders discussing the issue from last night's show:
President Obama already offered a decrease in Social Security benefits in December. I thought he did it in a very sneaky way by offering the Republicans Chained CPI as a new way of calculating inflation. This is a decrease in Social Security benefits. Here is some information from Common Dreams:
a measure of inflation, the Chained CPI has shown a rate of inflation 0.3 percentage points lower than the current index used to calculate Social Security annual cost-of-living adjustments. This slower rate would add up over time: 10 years after switching to the Chained CPI, Social Security benefits would be 3 percent less; after 20 years there would be a 6 percent cut; and after 30 years the cut would be 9 percent. The change to the Chained CPI would also cut benefits for veterans, low-income children, people with disabilities and many others who rely on government programsChained CPI Cuts Social Security Benefits
Bernie Sanders has introduced legislation to raise the payroll tax cap.
Under Sanders' legislation, Social Security benefits would be untouched. The system would be fully funded by making the wealthiest Americans pay the same payroll tax already assessed on those with incomes up to $106,800 a year. The idea follows through on a proposal that President Obama made when he was running for office in 2008.Raise the payroll tax cap
Our opportunity is now. I am so impressed Ed and Bernie Sanders are out in front of this issue. We can't wait until Obama proposes Chained CPI again. Next time Republicans might actually take the offer!!
We need to stand in opposition to cuts right now. We need to support Bernie Sanders payroll tax cap right now.