Thursday, December 22, 2016

One Of The First Things You Can Expect Will Likely Be Cut By The Trumpedlicans of Congress

That is, of course, Social Security. And we are not talking chump change cuts here I can assure you. These will be big, and a great deal more than that conservative euphemism "painful." As the puts it:

On the 8th day of December, 2016, Rep. Sam Johnson, Third Congressional District of Texas, Plano, Texas, introduced H.R. 6489 to essentially cut 27% from the benefits already paid for in the Social Security Trust Fund, which could possibly be worth as much as $5 trillion:
Johnson’s bill includes an assortment of benefit cuts including raising the retirement age to 69 (equivalent to a 13.5 percent across-the-board cut), changing the benefit formula (9 percent average cut), and slashing the cost-of-living adjustment (13 percent average cut). Some long-lived beneficiaries could see cuts of up to 74 percent. . . .
The Johnson bill disproportionately hurts women and low-income workers who had employment gaps due to caregiving and unemployment. And it hurts those who had uneven earnings during their wage-earning years.   Johnson disingenuously claims his plan is motivated by an interest in extending Social Security’s trust fund. But he then turns around and eliminates the taxation of benefits on high earners—the very people who can afford to pay a little more.
I placed this post in conjunction with Keith Olbermann's commentary of the proposal because 1: he puts it into meaningful context (as he usually does), and 2: However partisan you may think Mr. Olbermann's commentaries are, they are always based on actual facts, and reasoned deductions based on those facts.

The point here is to show you once again, one more aspect of what our Lord of the Tantrum Text, and the Trumpedlicans that now suck up to him, are going to cost you; and by you I mean most of us middle to lower income working folks, and retired people. The folks who are supposed to be the bedrock of populism. And they are going to do this even as they cut taxes again to supposedly encourage investment (to make more things that most of us won't be able to afford).

How Our New Corporate Overlords Plan to Thrive