Also on the plus side, extended unemployment benefits and more infrastructure spending. But no payroll tax cut extension, which means a fairly big dose of austerity despite the deal.
But then there’s the Social Security cut.
Switching from the regular CPI to the chained CPI doesn’t affect benefits immediately after retirement, which are based on your past earnings.What it does mean is that after retirement your payments grow more slowly, about 0.3 percent each year. So if you retire at 65, your income at 75 would be 3 percent less under this proposal than under current law; at 85 it would be 6 percent less; there’s supposedly a bump-up in benefits for people who make it that far.
This is not good; there’s no good policy reason to be doing this, because the savings won’t have any significant impact on the underlying budget issues. And for many older people it would hurt. Also, the symbolism of a Democratic president cutting Social Security is pretty awful.
Which only means this piece of shit in the White House isn't a Democrat to begin with.
Will the Democrats in Congress support the American people or will they support this narcissistic shitbag?
It may be "cruel and stupid" to cut Social Security benefits, but Obama is brilliant, remember?
Of course he always was a stupid fuck whose megalomania always got in the way.