Monday, March 21, 2011

Will Democrats hold the line on Social Security?

It's not looking great at this point. This is a critical battle, but some Democrats appear willing to let the GOP hold Social Security hostage in budget negotiations, despite the fact that the issue has nothing to do with reducing current deficits.       From today's Wall Street Journal:
Democrats have broken ranks over a move to consider Social Security changes—including possibly raising the retirement age—to ensure its long-term fiscal health in combination with an effort to reach a deficit-reduction package.
The idea of putting Social Security into play has triggered a firestorm of opposition from several corners of the Democratic party. Senate Majority Leader Harry Reid (D., Nev.) and Sen. Chuck Schumer (D., N.Y.), two of the Senate's most powerful lawmakers, have said revisions to Social Security shouldn't be attached to a deficit-reduction plan. They argue the program's benefits are covered by giant trust funds that have no impact on the deficit."I believe it is a separate discussion from either the short-term or long-term budget discussions," Mr. Schumer said earlier this month. 
Dozens of other House and Senate Democrats appear to agree. AARP, the powerful lobbying group for Americans over 50, is also raising concerns. 
But changes to Social Security are on the table as three Democratic senators, Mark Warner of Virginia, Kent Conrad of North Dakota and Richard Durbin of Illinois, negotiate with three Republicans—together forming the so-called Gang of Six—to craft a deal to cut $4 trillion from the federal budget deficit over 10 years. They are weighing how to do so by paring tax breaks and overhauling large entitlement programs. 
Neither party has proposed using any savings from changes in Social Security to reduce the federal budget deficit. The Social Security issue is part of the debate over the budget deficit because Republicans indicated they wouldn't consider changes to the tax code that would bring in more revenue, which Democrats want, unless Democrats entertained alterations to Social Security.
The entire piece by WSJ's Damien Paletta is HERE.  
This is a situation that calls for constituents contacting any Senators or members of Congress who are waffling on protection of Social Security from cuts. Use this link for more information on reaching your representatives.

No comments:

Post a Comment