New COLA (cost of living adjustments) Proposal Cuts Especially Deep Into SS Benefits For Women

[Amerigo Vespucci]

June 25, 2011 10:30 AM
Don't These Politicians Have Any Heart At All? New COLA Proposal Cuts Especially Deep Into Social Security Benefits For Women

By Susie Madrak

They say you can tell a lot about a society by how it treats its old people. These politicians in their deficit frenzy are cutting into the bone for a lot of people, especially for older women. If a woman gets $1,100 a month at age 65, replacing the current cost of living adjustment with the chained CPI mean $56 less per month and $672 less per year at age 80. That's a lot of money for people who are scraping by:

(Washington, D.C.) Today the National Women’s Law Center (NWLC) released a new report that shows how deficit reduction proposals to change the way cost of living adjustments (COLAs) are calculated in federal benefit programs—such as Social Security—underestimate the effect of inflation on the elderly and would especially harm women. The proposed switch to a new measure of inflation may appear to be a mere technical adjustment, but this report shows how the change will result in significant cuts to Social Security benefits that deepen over the years and dramatically increase economic insecurity among the elderly—especially women.

The proposed change delivers a triple whammy to women, according to NWLC’s report, Cutting the Social Security COLA by Changing the Way Inflation is Calculated Would Especially Hurt Women (view the report: http://www.nwlc.org/resource/cutting-social-security-cola-changing-way-inflation-calculated-would-especially-hurt-women). Since women live longer than men, they face deeper cuts in their Social Security benefits under the proposed new measure of inflation, known as the “chained Consumer Price Index,” because the cuts from this reduced COLA get deeper each year. Women rely more on income from Social Security, so these cuts would represent a larger share of their total retirement income. And since older women are already more economically vulnerable than older men, these cuts would leave many of them unable to meet basic needs.

“This proposal is a stealth attack on the economic security of older women,” said Joan Entmacher, NWLC Vice-President for Family Economic Security. “That is a shameful way to solve our nation’s deficit problem.”

http://crooksandliars.com/susie-madrak/dont-these-politicians-have-any-heart

[WinkyDink]

1. While, of course, the SS check is also reduced by increased Medicare deductions. (And no; no heart.)

[DJ13]

2. We need to end COLA's based on the CPI

And replace it with COLA's based on CEO pay.

[DURHAM D]

3. So when are women of all ages going to take to the streets?

We are more than 50% of the population and vote at a higher percentage than men. What the hell are we waiting for?

Take It To The Bastards !

[asjr]

4. I think this is the third year without COLA

for seniors.

[lib2DaBone]

6. K/R Meanwhile.. we've started 3 new wars.....

and gasoline for the military is $400 a gallon in Afghanistan.

[WCGreen]

8. And we were paying mercenaries a million a year to augment our

30k a year "volunteer" army...

[Mimosa]

9. No COL adjustments are equal to cuts

The cost of living has definitely increased. Over the last 3 years food has increased 15% at minimum.

[Liberal_in_LA]

5. good catch.

[Warren Stupidity]

7. Look, it is either cut benefits to pensioners or raise taxes on billionaires

We have to be responsible adults and stick it to the old people.

[Mimosa]

10. Where is OUR PARTY?

Why are they abandoning us?

[JDPriestly]

13. We are being abused because we went for Obama.

Note my avatar. I'd rather a president who two-times his wife than a man who lies to his voters about his stand on things like Social Security.

As I keep writing and as you can Google. Pete Peterson, richest, most influential and most outspoken adversary of Social Security that we have appointed Timothy Geithner to head the NY Fed. Obama's choice of Geithner as Secretary of the Treasury shows exactly what side he is on when it comes to Social Security.

[Mimosa]

14. JD, you are among DU's best

Anyone who has been posting on DU for a few years knows you are among the top stars. You generously provide facts. You share ideas. *hug*

[Name removed]

11. Deleted message

Message removed by moderator. Click here to review the message board rules.

[JDPriestly]

12. Obama is in on this. Don't be fooled.

Not only did he appoint a majority of people to his Commission on the Budget Reduction who were opposed to Social Security, but he appointed Tim Geithner as his Secretary of Treasury.

Time Geithner was appointed to be head of the NY Fed by Pete Peterson of destroy Social Security reknown.

Obama is no friend to the elderly or to Social Security.

Any claim to the contrary had better be supported by some strong evidence.

So far he is as two-faced as they come on Social Security.

What a trap his candidacy was.

[Lugnut]

15. What f'n COLA?

I haven't seen one since January, 2009. Then Medicare wiped out most of it. :grr: