· Social Security benefits are modest by any measure and are already being cut – by raising the age of eligibility for full benefits and by deducting ever-rising Medicare premiums from benefit checks.
· The cuts already in law add up to a19 percent reduction for people born in 1960 and later, see the National Academy of Social Insurance report, “Social Security Beneficiaries Face 19 Percent Cut; New Revenue Can Restore Balance.”
· Cutting benefits further could undermine much of what Social Security has achieved and expose millions of vulnerable people – elderly and disabled – to unnecessary hardship.
· Benefits are vital to nearly all recipients: about a third of elderly recipients reply on benefits for 90 percent or more of their income; two-thirds count on it to supply at least half their income. The program lifts nearly 20 million Americans out of poverty, including 1 million children. [Read more...]