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President Obama’s Latest Budget Includes Social Security Cut

 DORAL, FL - DECEMBER 10: Virgilio Marquina and other protesters rally together outside the office of U.S. Sen. Marco Rubio (R-FL) on December 10, 2012 in Doral, Florida. The protesters are hoping that Senators like Rubio will not cut medicare/social security benefits and will agree to raise taxes on the top 2% of earners in the country. (Photo by Joe Raedle/Getty Images)
Joe Raedle, Getty Images

President Obama is proposing phased in cuts to Social Security in his latest budget proposal.

Dean Baker is the co-director of the Center for Economic and Policy Research in Washington, D.C., and joined WIBX First News with Keeler in the Morning to talk about the spending plan.

”It’s a statement of intention, so its what he’s trying to do,” Baker said.

There are a number of things people should be concerned about:

  • Some fairly large cuts, including education.
  •  He proposed cutting social security amounting a cut of 2 – 2.5%, which would be phased in over time.

Efforts to cut waste often involve cutting a lot of fat because the waste ‘doesn’t just stand up’ and say I’m right here, cut me, Baker said.

Another concerning issue as it relates to Social Security is the number of people contributing vs. the number receiving benefits.

”When you go back several years, we had five workers to every retiree. Now it’s less than three,” Baker said. ”We lived with a declining ratio for the last five decades.”

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You can find more information on the Center for Economic and Policy Research at www.cepr.net.

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