Posted on 12/30/2012 12:59:24 PM PST by Sub-Driver
‘Major setback’ in fiscal cliff talks By: Manu Raju and John Bresnahan December 30, 2012 12:15 PM EST
Negotiations between Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell suffered a “major setback” after Republicans demanded the inclusion of a new method for calculating entitlement benefits as part of the fiscal cliff package, according to Democrats.
The provision, known as “chained CPI,” is opposed by many liberals because it would result in lower payments for Social Security beneficiaries.
While President Barack Obama has backed the provision as part of a major deficit package, Democrats are objecting to including this as part of the negotiations on a scaled-down fiscal cliff deal. They say they’ve already given ground on other issues, including raising the threshold for new taxes to around $400,000 annually as well as showing flexibility on estate taxes, sources said.
But Republicans are insisting on the chained CPI provision in exchange for raising taxes.
On the Senate floor, Reid ruled out any cuts to Social Security as part of any agreement to avert the fiscal cliff.
(Excerpt) Read more at politico.com ...
Of course, had you invested no return—or even retention of principal—would have been guaranteed either.
The fact is that the guv didn’t invest for you and we don’t have the money to pay what people are expecting back—particularly now that we’re living so much longer.
So cuts have to come somewhere. The obvious, unless we just scrap it altogether, include lower increases, later eligibility, and means testing.
What do you propose?
“Can you believe the stupidity of proposing a cut in social security?? Talk about stupid, Cut welfare!! cut foreign aid. Cut foreign military bases!! Not the social security which we paid for!!”
This is why nothing will get cut. Everyone wants to cut everyone elses spending, but not “their” spending.
“That is theft!! a felony!!”
So you’re actually a comedian. That’s good to have an extra skill. You’ll need that extra income after they cut your social security that you think you paid for.
My plan would be to increase the retirement age by one year every other year until the age is more in line with the actuarial expectation. I'm fine with putting in more years. And for the love of Pete *don't means test it!!*
Of course, had you invested no return—or even retention of principal—would have been guaranteed either.
True, there are no guarantees, but it's a fact that you can pick any ten-year period in history and you will see the stock market beat inflation. And that includes any decade you want to choose that includes the Great Depression.
So, SS = “Welfare.” Check.
Mitch McConnell is being politically suicidal.
Social Security is the Third Rail of American politics. If he wants the GOP to keep being in the minority, cut beneficiaries’ monthly checks.
Its a political loser. The Democrats have the whip hand here.
“So, SS = “Welfare.” Check.”
It’s not Earned Income. It’s somebody elses earned income.
You can call it what you want, but make sure you tell the guy that made the money that he didn’t really earn that.
Folks don’t get it. It’s all going to get cut. It doesn’t matter whether it’s Welfare or not. The check WILL get smaller, and it might get zeroed out.
Nobody knows. We’ve got incompetents at the helm We may hit an iceberg, we may run aground, we may crack up on the rocks. We know it won’t be smooth sailing.
“It was a Ponzi scheme from day one.”
Nothing wrong with a ponzi scheem as long as you get in early!!!
At 75 the money won’t run out until we are dead!!!!
Sorry, but you are full of it. I’ve seen you somebitches enough on FR to know you. I am finished trying to explain it to you.
I hope to God you have to work every effing day until you die, as you are wishing upon me.
“I hope to God you have to work every effing day until you die, as you are wishing upon me.”
You can bet I will, and so should you. You shouldn’t be afraid of it, like your afraid of not being able to pick actual taxpayers pockets because you’re “old”.
Let me explain it to you: We’re broke. You may think you earned something, but we’re still broke. You’re not getting the money you think you are.
is that simple enough? Now get out there an pound the pavement, even if it’s on your “free” scooter.
No, it started as an Unconstitutional Ponzi scheme...it should be scrapped. People got shafted and should chalk it up to as exactly that. There is no basis, as it was and is a TAX, to steal from anyone else for the $$ that allowed to be taken by gov’t by those before them. If there is anyone, aside from gov’t to blame, it’s the ‘greatest generation’ for being a sucker to allow it and believe that gov’t ‘knows best’
Looking past the obvious, it's intriguing that the Senate Democrats in particular fear chained CPI being hung around their necks in the mid-terms ... note to GOP: do it.
The neighbors love him for it and I’ve a feeling you wouldn’t trade him for a bucket of gold.
Then who’d clear the snow?
Our employers paid into our Social Security. I wish that whatever Congress put this rule into place hadn’t done that. The effect of that is lower wages, lower raises. For a company, that means higher labor costs.
My dad opened my eyes to what the Social Security scam really is back when I was in my very early 20’s which would have been 1970-71. Told me it wasn’t invested so wouldn’t grow in value.
Smart dad.
in all reality its just another tax
SO, you aren't paying for all those other things?
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