San José, CA – On April 21, the Trustees of Social Security and Medicare released their annual report. The report includes a projection that the Social Security benefits will be greater than income next year for the first time since 1982. The Social Security trust fund, which has grown to almost $3 trillion, will start to be tapped for the first time.
San José, CA – On Jan. 23, Congressional Republicans caved in and voted for a three-month extension to the Federal Debt Limit. Up until Jan.23, the Republicans in the House of Representatives had refused to raise the debt limit, raising the specter that the U.S. government would have to choose between delaying Social Security payments, Medicare payments, payments to military, and/or interest on the national debt.
Tallahassee, FL – The afternoon clouds were dark, but even the threat of rain couldn't stop students, retirees, and union members from taking a stand against federal budget cuts. About 35 people rallied outside of Republican Congressman Steve Southerland’s office here, Dec.10, demanding no cuts to Medicare, Medicaid, or Social Security.
Republican presidential candidate Mitt Romney has been attacking the Obama administration for “cutting” Medicare, and Romney has promised to restore these cuts. While Romney is saying that he will protect Medicare, in fact he is protecting health insurance companies, while out-of-pocket costs for seniors will go up.
In April of 2012, the nonpartisan Congressional Budget Office (CBO) did a report on the impact of Republican Congressman Paul Ryan’s budget proposal, which was later passed by the House of Representatives, on health care. An analysis of the CBO report by Fight Back! shows that this plan would shift the burden of health care to poor, elderly and disabled people. This would cause millions of poor, seniors and disabled people to lose insurance and it would cause millions to pay much more for health care.
San José, CA – The recent federal debt limit deal passed by the House and Senate and signed into law by president Obama promises at least $2.1 trillion in spending cuts and lower interest payments over the next ten years. This deal did not include any savings from ending the wars in Iraq and Afghanistan, or from restoring higher taxes for the rich. It was a victory for the Tea Party-backed Republicans and benefits the rich and Wall Street. At the same time programs serving poor and working people will be the target for cuts and the deal opens the door for cuts in Social Security and Medicare.
Plan would cut taxes for the wealthy and corporations while cutting Social Security
The Bipartisan Senate Proposal is being pushed by the so-called Gang of Six – Saxby Chambliss (R-Georgia), Tom Coburn (R-Oklahoma), Kent Conrad (D-North Dakota), Mike Crapo (R-Idaho), Dick Durbin (D-Illinois), and Mark Warner (D-Virginia). Four of them were members of the National Commission on Fiscal Responsibility and Reform which was unable to pass a proposal to cut the Federal Budget deficit. This proposal has been welcomed by President Obama, who said that he endorsed the thrust of the proposal.