July 7, 2011 dblank@retiredamericans.org
Retiree Leader Reacts to Possible Social Security Cuts
Would be Devastating for Millions of Seniors, Coyle Says
Would be Devastating for Millions of Seniors, Coyle Says
The following statement was issued today by Edward F. Coyle, Executive Director of the Alliance for Retired Americans:
“Retirees are deeply concerned by media accounts that the White House is considering cuts in Social Security as part of the ongoing debt ceiling negotiations with Congress. The Alliance for Retired Americans would strongly oppose such a move.
“More specifically, we are troubled by an idea being floated in Washington to change a federal statistical formula to lower Cost-of-Living Adjustments (COLAs) for Social Security. As the administration and Republican leaders have previously said, Social Security does not contribute to the budget deficit. It would be terribly hurtful – as well as contradictory to prior White House statements – to try to balance the budget on the backs of current and future retirees. Lowering the COLA would be devastating for millions of retirees. According to the program’s Chief Actuary, a 75-year-old retiree’s benefits would be cut by $560 per year, while an 85-year-old would have an annual cut of $984.
“Today’s seniors want to lower the budget deficit. They do not want a large debt to be the legacy they leave behind to their children and grandchildren. But the fact is that Social Security has not added one penny to our deficit and has no place in any debt ceiling negotiations.
“We are deeply grateful for the clear, unequivocal stances of Harry Reid and Nancy Pelosi. They recognize that Social Security is one of America’s greatest success stories and must remain strong for generations to come.”
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