The recent release of a report by the deficit commission convened by President Obama has most Americans opposing many or all of the recommendations contained in the report. The deficit commission members were a mix of Democrats and Republicans chaired by Republican Senator Alan Simpson and Democrat politico Erskine Bowles.
While almost all Americans acknowledge that the U.S. budget deficit has grown to stratospheric heights, no consensus has arisen as to how to trim and reduce the deficit before it reaches unmanageable proportions. And while the deficit commission's recommendations have stirred progressives and conservatives alike, the recommendations that have generated the most opposition involve changes to the Social Security program.
Social Security One of Government's Most Successful Programs
Although the Social Security program is one of the federal government's most successful and popular programs, the deficit commission has honed in on changes to Social Security to reduce future governmental obligations. Rather than targeting reduced defense spending, further healthcare reforms, or cuts to other government benefit programs, cuts to Social Security, including the Social Security Disability program, have become the cure-all for reducing the federal deficit.
Recommendations include raising the retirement age from 67 to 69, delaying early retirement from 62 to 64, implementing less generous cost-of-living adjustments (COLAs), and subjecting higher amounts of income to the Social Security tax.
For the recommendations to be considered by Congress this session, the recommendations needed the approval of 14 of the 18 commission members. The recommendations did not garner the 14 votes needed to require Congress to address it, but certain provisions, including the changes to Social Security, are likely to be considered in future sessions.
When the GOP majority takes control of Congress in January, the Republican membership may move forward with some of the changes suggested. But they may go even further as many within the GOP have suggested that Social Security ought to be privatized with retirees assuming the risk on return in their individual retirement accounts.
