According to published reports, the cuts to Social Security would be accomplished through a cynical sleight of hand in calculating cost of living increases. This would involve the adoption of something known as the "chained" consumer price index, which underestimates the impact of inflation. It is projected that such a shift could cut Social Security spending by $112 billion over the course of the next decade. As a result, retired Americans would be forced to choose between buying food, heating their homes or paying for medical care.
In a statement Thursday, White House press secretary Jay Carney said Obama's position was that "while Social Security is not a major driver of the deficit, we do need to strengthen the program." The obvious question the statement did not address is why, if Social Security has not contributed to the deficit, its "strengthening" has become part of the discussion on slashing spending.
In relation to Medicare, the federal health insurance program covering those over 65 and the disabled, proposals are being advanced to calculate benefits based upon financial status, a first step toward eliminating the program altogether.
As for the "grand bargain's" tax component, Boehner and his fellow Republicans have insisted that any minor tinkering with tax loopholes enjoyed by America's super-rich be offset by more fundamental changes to the tax code that would significantly reduce the rate paid by the corporations and the wealthy.
What is being prepared in the name of reducing the deficit is another gigantic transfer of wealth from the working class to the top 1 percent of American society, with both major parties, the congressional leadership and the Obama White House working together to advance the interests of the banks, the corporations and the financial elite at the expense of the vast majority of the people.
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