Obama’s OMB Head Would Cut Social Security

Many people plan and rely on Social Security benefits that they have paid into for their entire working lives. But they may find out that they will not get what they were promised

Wake Up, America. If Obama's choice as director of the Office of Management and Budget gets his way, you will be paying more and getting less:

Barack Obama’s choice to head the budget office is on record favoring a reduction in Social Security benefits.

On Tuesday, Obama picked Peter Orszag to direct the Office of Management and Budget (OMB). Orszag believes that Social Security benefits should be cut back to help balance the Social Security Trust Fund over the next 75 years.

He spells out his views in a paper he wrote with Peter A. Diamond for the Brookings Institute back in 2005, called “Saving Social Security: The Diamond-Orszag Plan.”

In it, they call for “a reduction in benefits, which would apply to all workers age 59 and younger.”

The younger you are, the more you’ll get hurt.

www.progressive.org...

This, coupled with Obama's plan to eliminate the wage ceiling on Social Security payments, spells one thing (again): higher taxes.

Nobody ever said socialism was cheap!

This is not good news since people's other investments like real estate and stocks just went down the tubes which were supposed to supplement any social security payments, however, Obama is not the culprit in what has already transpired, I had written about SS in a few of my posts over the months, the big story has already quietly happened, manipulation of the mathematics involved in computing actual payments people should be getting(back in the 90's possibly while Clinton was Pres) in relation to cost of living, the manipulation involved taking out certain portions of the formula that at this time have rendered the average payment to about half of the payout that it should be and the government is using that half or more for their own purposes, I don't have time to research all of the details and post it but you can have fun googling.

I think that there are always two sides to every story and there is nothing new under the sun as far as the government always having the upper hand over the taxpayer, Obama is just another player in the big picture and even worse every president brings something to the table that robs something of the American people that was at one time a benefit.

The government would be prudent to not send out those statements from Social Security that tell you in detail how much money you have contributed over the years and how much you are projected to be paid upon retirement while making these statements though or having a potential adminstrator having written such contraversial papers, depending on how long you have contributed and been working you may have put in 50 or 60k working 20 years or so, would say at least before anything is cut you get back exactly what you put in at least.




[edit on 8-1-2009 by phinubian]