This past week I was in my hometown, Lorain, and had the opportunity to visit with some old friends who are now retired, receiving Social Security/Medicare. It was certainly interesting to hear what those actually taking part in these fine programs have to say, especially in light of the push by literally all of the corporate shrills to cut Social Security/Medicare, it order to “save the economy.” These Wall Street economists have beaten this drum almost to death, telling us that “austerity is only way out, we must cut social spending or disaster awaits!” Far be it for us mere working folk to point out that Britain & every European nation that adopted this formula, cutting pensions and social programs, have sled backwards into another recession. Reality rarely has any influence on these “great men” anyway; they know so much more us!
One “solution” that these great men have proposed is to cut the CPI (“chained CPI”), the cost-of-living increases received by Social Security recipients.