New Analysis Confirms: SuperCommittee Social Security Cuts WOULD Hurt Current Retirees
By NCPSSM | October 20, 2011
One of the most cynical approaches used by those who’ve been advocating Social Security benefit cuts for decades has been to argue that as long as we don’t touch current retirees’ benefits (ie, protect the politically active senior voter) slashing Social Security would be an easier sell politically. Problem is…that view may sound good tossed around in a think-tank boardroom but it just doesn’t wash out in the real world.
American seniors want Social Security protected for their children and grandchildren too. President Bush learned that the hard way during his privatization push.
However, in spite of this, politicians of both political parties continue to wrap their “everything’s on the table” deficit rhetoric with a promise that America’s current retirees wouldn’t be hurt by cuts being discussed in the Congressional Super Committee. Now it’s clear even this is yet another empty promise. According to the House Ways and Means committee, new analysis provided by the Chief Actuary at the Social Security Administration shows:
“Three-quarters of all Social Security payments between 2012 and 2021 the 10-year period in which the Select Committee is required to generate deficit reduction will go to current recipients, while an additional 21 percent will go to Americans who are very close to retirement-age and will start receiving benefits between 2012 and 2019, according to the Actuary’s analysis.
The analysis highlights that there is virtually no way for the panel to use Social Security cuts to meet its target without harming current beneficiaries. Current retirees have struggled in recent years because there was no cost-of-living adjustment (COLA) in 2010 or 2011. The Social Security Administration yesterday announced a 3.6 percent COLA for 2012.”
In short, current retirees will be impacted by Social Security cuts being proposed by members of the Congressional Super Committee regardless of empty promises to the contrary.
THE REST:
http://www.ncpssm.org/entitledtoknow/?p=2035 
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