Speaker Boehner Talks About Using Debt Limit To Go After Social Security

Speaking About Cutting Social Security Benefits at a Recent Republican Fundraiser in Idaho, U.S. House Speaker John Boehner (Republican-Ohio), said: “We're Going to Have a Whale of a Fight.  I've Made it Clear We're Not Going to Increase the Debt Limit Without Cuts and Reforms that are Greater than the Increase in the Debt Limit.”  According to the Idaho Statesman, Boehner also said Getting the GOP-controlled House to Agree to Raise the U.S. Debt Ceiling Will Only Come with a Bipartisan Deal to Make Cost-Saving Changes to Social Security, Medicaid, Medicare, Farm Programs and Government Pensions.  U.S. Treasury Secretary Jack Lew has said that President Obama Will Not Negotiate over the Issue.  The Nation is Fast Approaching the Limit on Its Ability to Borrow and Could Reach It by Mid-October.  “Already, This Year’s Budget Cuts Due to Sequestration Have Hurt Seniors in Many Ways,” Alliance For Retired Americans Executive Director Edward Coyle said. "There are Now Four Million Fewer Meals on Wheels, Two Million Fewer Rides for Seniors to their Doctors.  Three-Hundred-Thousand Seniors Lost Home Heating Assistance.  Too Many People in Washington Want Those With The ‘Least To Sacrifice’ The Most. We Can’t Allow the Debt Ceiling To Be Used as a Tool to Make that Pattern Worse.”

By Replacing Defined Benefit Pensions, 401(K) Plans Are Increasing Inequality

According to a New Analysis from Monique Morrissey and Natalie Sabadish at the Economic Policy Institute (EPI), the 401(k) Plans that Displaced Many Defined Benefit Pension Plans over the Last 20 Years have Contributed to Inequality Among Retirees.  The Study Found that in Recent Decades, Retirement Savings for the Wealthiest Americans Have Increased Considerably.  At the Same Time, Ordinary Americans have Struggled to Save for Retirement. In the Last Two Decades, the Number of People Participating in an Employer-Based Retirement Plan has Dropped.  This Decline Has Been Especially Pronounced Among Minorities and Those Without a College Degree.  “It Should Come As ‘No Surprise’ that 401(k) Plans, Which Often Place the Burden of Retirement Savings ‘Entirely’ on Employees, are Increasing Inequality,” Alliance President Barbara Easterling said. “The Decline in Defined Benefit Pensions Means that Social Security, which is Structured to Benefit People of ‘All’ Income Levels, is More Important Than Ever.”

More Seniors Choosing To Live In Urban Areas

According to Data from Redfin, an On-Line Real Estate Brokerage, over a Million Members of the Baby Boom Generation Moved to Areas Within Five Miles of a City Center between 2000 and 2010.  Seniors Who Have Moved From Suburbs to the City Cite Their Desire To Be Able To Walk and Take Efficient Public Transportation to Get From Place To Place Instead of Relying on Cars.  Many Retirees also Prefer to Live in a Smaller Condo or Apartment Rather Than Maintaining Large Houses and Gardens that are No Longer Necessary Once Their Children Have Left Home.  “As More Seniors Relocate from Suburbs to Cities, its Important For Urban Areas to Ensure that They Provide a Safe, Comfortable Environment for Older Americans,” Alliance Secretary-Treasurer Ruben Burks said. “Vibrant Senior Centers, Senior-Friendly Public Transportation and Access to Quality Health Care All Go a Long Way to Make Sure that Seniors ‘Feel Welcome’ in their New Cities.”