The proposed inflation gauge, known as chained CPI, would reduce scheduled benefit increases and annual adjustments in tax brackets, subjecting more income to higher rates.
AARP, the lobbying group for senior citizens, opposes the change, which it calls a benefit cut that would most affect the poorest seniors.
The President also wants to replace the expiring payroll tax cut with other stimulus measures such as infrastructure spending; Boehner doesn’t.
“The longer this runs, passing a big deal becomes more challenging on all fronts,” said Siddiqui, now a lobbyist at Akin Gump Strauss Hauer & Feld LLP in Washington.
—With assistance from James Rowley, Heidi Przybyla, Roxana Tiron, Roger Runningen, Margaret Talev and Kathleen Hunter in Washington
3 Comments
oktaxlady has it almost right - All government workers including our Senators and Congressman put into Social Security and Medicare System all funds allocated for their retirement put into Social Security System. They would draw based on there earnings while in office and in the private sector. Raise the Social Security base to an amount that would fund the system. This may mean putting the base close to the 200,000 but limit employer liability to the current base levels with an inflationary adjustment similar to the Social Security inflationary adjustment. Keep the full retirement age the same.
notsookaytaxman
Posted by: ctimnolte | December 18, 2012 1:45 PM
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This makes me physically sick!!! If the president gives up to Boehner to raise the Medicare eligibility age, the seniors should do everything they can to raise holy hell!! Those of us just getting ready to go on Medicare and retire have worked all of our lives (me since 15) we paid 6.2% social security a very long time, put it back and then talk about punishing the seniors. How can anyone that has free health insurance and also draws their salaries for life even think about cutting what is being paid to seniors. Of course I understand before long Medicare is not going to be worth having anyway!!!!! Just shoot us with a firing squad when we get retirement age, maybe that is what they are planning. The young people need to raise their kids the same way we seniors did and government EMPLOYEES need to have the same insurance and retirement we do!!
Posted by: oktaxlady | December 18, 2012 10:35 AM
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START AT 300K, DO NOT TOUCH SOCIAL SECURITY. CAN'T WAIT UNTIL 2014.
Posted by: marshk13 | December 18, 2012 10:07 AM
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