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News Link • Obama Administration

Obama's Budget Proposal: Cut Social Security, Medicare Benefits

• http://www.commondreams.org, Andrea Germanos
 The most controversial element of Obama’s proposal is the inclusion of “chained CPI,” the adjustment that would over time reduce cost-of-living increases to Social Security and other federal benefit programs — effectively, a cut to Social Security benefits by tying them to inflation. He also calls for $9 billion in new tax revenue by setting limits on “tax-preferred retirement accounts for millionaires and billionaires.”

Switching to a chained CPI "is not a minor tweak, as its proponents contend," Sen. Bernie Sanders (I-Vt.), founder of the Defending Social Security Caucus, stated on Friday.  It represents a real cut in benefits, as many progressives have pointed out.

And as liberal blogger Digby noted, Obama has the dubious honor of being the first "Democratic president [that] has officially proposed to cut the Democratic Party’s signature New Deal program, Social Security."

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