Remind me again…who won the last election?
On Sunday night, House Speaker John Boehner made clear he would like to make a simple trade with President Obama. He asked the president to extend tax cuts on income between $250,000 and $1 million a year—a tax bonanza of nearly $400 billion over 10 years, about half of which would go to millionaires.
And how will we pay for this very expensive gift to the least needy among us? By cutting $122 billion in Social Security benefits from the neediest, including elderly seniors and people with disabilities who depend on the Social Security cost-of-living adjustment (the COLA) to keep inflation from eating away their benefits as they age and incur health care expenses. Moreover, this COLA cut affects current as well as future beneficiaries. Yesterday, press accounts said that President Obama offered to accept this cut to Social Security as part of a larger deal, which Boehner then…
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