Even Ronald Reagan understood that Social Security does not affect the deficit and vowed to protect it during his terms as President. Ronald Reagan said, during a 1984 debate with Walter Mondale: “Social Security has nothing to do with the deficit. Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security, that money would not go into the general fund to reduce the deficit, it would go into the Social Security trust fund.”
President Obama’s proposed cuts to Social Security – and, trust me, the change to a chained CPI is a cut - is not a compromise. It is nothing less than a direct giveaway to the Republicans and a weakening of Social Security benefits at America’s seniors’ expense.
Social Security is not an entitlement. It is a stand-alone, self-funded, retirement plan that pays for itself. For Social Security to be threatened during a Democratic President’s administration is unbelievable. Our only hope now is that our senators will protect us from this President’s apparent disregard for the facts and for those he professes to protect.