Bernie Sanders: Alleged Obama Cutbacks on Social Security Would Sink Many Seniors Into Poverty

[babsbunny]

http://blog.buzzflash.com/node/12842

The following is a news alert by Sen. Bernie Sanders (I-Vermont):

Social Security cuts under consideration by the White House in deficit-reduction talks would drive 245,000 people into poverty and lower widows' benefits $1,200 a year by 2050, according to Social Security Administration calculations provided to Sen. Bernie Sanders (I-Vt.).

Changing the way inflation is measured to determine Social Security benefits is one option on the table in high-stakes budget negotiations that resume Sunday at the White House. The so-called Chained Consumer Price Index on average results in a lower inflation levels than the more common formula used to adjust benefits.

"The result would be devastating cuts for millions of American seniors and people with disabilities," said Sanders. As chairman of the Senate Subcommittee on Primary Health and Aging, Sanders asked the Social Security Administration's Office of Retirement Policy to calculate the impact on poverty rates and benefits if the revised inflation gauge were to be adopted.

In 2030, according to the report prepared for Sanders, there would be 173,400 more people living in poverty in the United States. The revised formula also would dramatically lower benefits for retirees. Widows would receive almost $70 a month less in benefits, a reduction of $840 a year. People who are 70-79 would receive $49 a month less, a drop of $588 a year. Benefits for those who are 80-89 would drop by $80/month or $960 a year. Benefits for women would fall by 3.5 percent overall while men's benefits would drop by 2.9 percent.

[lbrtbell]

1. I wish Bernie Sanders were president - n/t

[corpseratemedia]

2. people will stop paying their credit cards, his banking friends/supporters will feel the brunt

because people who have nothing have nothing to sacrifice, goddamnit

they'll need the funds to make up for the loss, no choice, these people who "represent" us don't get it...unbelievable..its going to end up coming out of their friend's pockets in the end in the form of unpaid bills.

[Samantha]

3. Holy Moly -- I wrote to him yesterday and gave him two DU links

on the subject of the Chained CPI and asked him to look at it and voice an opposition. I apologized for writing him since I am not one of his constituents, but I told him I wished I were! I said I didn't need a response in writing but since this Chained CPI would have such an adverse impact over time on Social Security benefits, I would really appreciate his assistance. I am sure my humble communication did not prompt this news alert, but I am thrilled to see he is on it, on it, on it.

Thank you, Senator Sanders!

And thank you, babsbunny, for posting this!

Sam

[ClarkUSA]

4. Um, did Bernie miss the part where Boehner turned down Pres. Obama's plan due to its tax hikes?

It sure makes Republicans look like whiners, doesn't it?

[indepat]

5. The pols obviously don't give a diddle-dy-shit how many seniors are driven into poverty and

will ultimately die prematurely as a direct result of benefit and Medicare cuts as the uber-wealthy are allowed to continue their sucking frenzy at the public welfare teat. Disgraceful, odious, deranged, and obscenely depraved, just for starters. :patriot:

[Quantess]

6. Too late to recommend.