Posted by BigDog
Millions face shrinking Social Security payments
Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.
The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.
By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.
This is real trouble for Obama and the Democrats. They are squandering billions on his union friends and ACORN, but where are they to come up with money for Social Security? Democrats have opposed reform for SS for decades. Granted the Republicans didn't push as hard as they ought.
Remember that Bush tried to reform Social Security years ago. As much as I disagreed with Bush on fiscal issues, he was a foresighted and responsible President in many ways. I supported Bush when he suggested Social Security reforms and was disappointed when he gave up.