Richard Eskow at Campaign for America's Future:
News reports say the President’s proposed deal includes the “chained CPI,” which would impose drastic Social Security cuts
and tax hikes for everybody but the wealthy. And House Minority Leader
Nancy Pelosi says that “Democrats will stick with the President.”
They should both think again.
The “chained CPI” is being offered as part of a “deficit reduction”
deal, even though Social Security is forbidden from contributing to the
deficit. Even if you accepted this unreasoned act, it remains morally
unacceptable to reduce spending on the backs of the elderly, women, the
poor, veterans, disabled Americans, and the poor.
It’s even more unethical to do it when other options available could save much more money, And it’s even worse when we see who isn’t
“sharing in the sacrifice” – a list that includes hedge fund managers,
Wall Street gamblers, billionaires, drug companies, defense contractors,
and tax-dodging corporations.
Independent estimates say that the “chained CPI” will slash Social
Security benefits by $122 billion over the next ten years. Here are
eight solutions that will save more money - and really will reduce the deficit – without compromising either our ethics or our sense of fairness:
1. Close multiple loopholes in the capital gains law: $174.2 billion. (1.42x)
Lawmakers could save nearly one and a half times as much money as
they’ll get from stripping seniors, the disabled, veterans, and children
of their benefits - 1.42 times as much, to be precise – by closing
capital gains loopholes.
