It is widely reported that the Democrats are about to finalize a deficit-reduction deal with Republicans. If true, it will cut Social Security payments over time. The cuts will increase as recipients grow older, reaching almost 10% at age 85.
As Presidents Reagan and Obama have said, Social Security has nothing to do with our country’s deficits. In fact, it is forbidden by law to contribute a penny to the deficit. It should not be cut in a deficit deal.
The wealthiest Americans received a windfall over the last decade, including more than $1 trillion in tax cuts which simply added to our debt. The rest of us got little but a terrible economy. True shared sacrifice means that the wealthy need to do their part this time; the elderly who are already hurting should not be hurt more.