Tuesday, April 9, 2013

Obama's Chained-Price Index Will Chain Middle Class Retirees

President Barack Obama's budget on Wednesday will propose slowing the growth of Social Security and other benefits, but include measures to shield a broad range of Americans from the plan's full impact, including very old recipients as well as low-income seniors and veterans, reports WSJ.

WSJ adds:
But critics note that even a small reduction in benefits would be keenly felt. Monthly Social Security payments account for more than 90% of income for one third of seniors, or roughly 15 million people, according to the Center on Budget and Policy Priorities, a left-leaning think tank.[...]The change also would increase revenues by as much as $124 billion by moving people into higher tax brackets slightly faster and increasing tax collections, according to the Congressional Budget Office.

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