Social Security Benefits Should not be Cut to Reduce the Deficit
WASHINGTON, DC—AARP Senior Vice President Joyce Rogers released a statement in reaction to the US House Committee on Ways and Means Subcommittee on Social Security’s hearing (May 23, 2013) on proposed cuts to Social Security benefits, as included in the President’s Fiscal Year 2014 Budget, the report by the National Commission on Fiscal Responsibility and Reform, and the report of the Bipartisan Policy Center’s Debt Reduction Task Force.
“Across the political spectrum, older Americans agree with AARP’s opposition to the chained CPI. In fact, a national survey we released recently released concluded that 84% of voters 50+ oppose cutting Social Security benefits to reduce the deficit.”
As the President and Congress work to address the budget challenges facing our nation, AARP believes it is time for responsible solutions, not harmful proposals that would hurt older Americans and threaten the retirement security of future generations. All three of the proposals being discussed today include “chained CPI” – a fancy Washington term that really means the Social Security benefits of children, widows, veterans, people with disabilities and retirees would be cut to reduce the deficit.
The chained CPI, included in the President’s budget and the other two reports, would cut Social Security benefits significantly over the next ten years. It would start now, taking money from the pockets of current beneficiaries, and would grow larger over time, having the greatest impact as Americans grow older and rely more on their Social Security benefits. It would also cut benefits for people with disabilities and cut benefits twice for many veterans, as well as raise taxes on most taxpayers.
“As retirement security grows ever more elusive for Americans of all ages, Social Security has become increasingly important for today’s retirees and their kids and grandkids. AARP believes it is wrong for the President and these other outside groups to try to balance the budget by weakening the programs that provide the very foundation of retirement security for current and future generations.”
AARP volunteers from all 50 states will come to Washington next month to urge their representatives to leave cuts to Social Security out of any budget deal and instead give Americans who’ve earned their benefits an open, thoughtful debate about retirement security so we can keep the promise to seniors and protect benefits for future generations.