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#ThomHartmann blog: Nothing Grand About Obama's "Grand Bargain"

by Thom Hartmann posted Apr 8 2013 2:40PM

Despite the fact that Americans want Medicare and Social Security protected, President Obama has once again included cuts to the vital programs as part of his new budget proposal.  As he's done previously, the President has offered up a change to cost of living increases – called the chained CPI – which reduces benefits paid to seniors, veterans, and the disabled.  

A new report from Alternet highlights several facts that the President should consider before asking the poor to bear the brunt of more budget cuts.  According to the report, half of American workers are “not at all confident” that they will be financially stable in their retirement, and only 57% have managed to save $25,000 or less.  

Another stunning factor in these proposed cuts is the decline of pensions in our nation, which shows that over 84 thousand pensions have disappeared since 1985.  And with the decline of pensions, we saw a rise in 401(k) retirement plans, however that experiment has been a complete disaster.  According to Alternet, “401(k)s are volatile, complicated, expensive, and inadequate,” and they don't provide retirement security for workers.  

These are only a few of the reasons why President Obama must take Medicare and Social Security off the table.  Many older Americans rely on this meager benefit to survive as they get older, and benefit reductions will only make it more difficult for them to make ends meet.  There is nothing “grand” about this “grand bargain.”  

Let's stand together to fight these cuts.  Call the White House and demand President Obama preserve our social safety net.
Listen to The Thom Hartmann Program Monday through Friday 3 PM to 6 PM on WWRL AM 1600.
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Topics : LaborSocial Issues
04/08/2013 2:39PM
#ThomHartmann blog: Nothing Grand About Obama's "Grand Bargain"
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