Deficit Panel Proposes Social Security Cuts
Deficit Panel, Obama’s bipartisan commission, wants to raise retirement age and cut Social Security.
Deficit Panel proposes Social Security cuts. Social Security cuts is the latest proposal by President Barack Obama’s bipartisan deficit panel. The commission wants to reduce the annual cost-of-living increases and raise the retirement age to 69 while removing tax cuts.
In other words, Social Security is under attack, as part of a proposal to wrestle $1-trillion-plus deficits under control, and the panel wants to curb the growth of Medicare. It came a week after voters put Republicans back in charge of the House and told Washington that the government is too big. It still appears that nobody is listening.
Other cuts include a federal workforce reduction of 10 percent, or 200,000 jobs. Military defense cuts would be $100 billion and farm subsidies but by $3 billion each year. Social Security benefits would be reduced for higher incomes and the retirement age would gradually increase from 67 to 69.