Alexandria, VA – Our Generation responds to President Obama’s stance on sparing cuts to Social Security. According to news reports, President Obama’s budget will abandon a proposed cut to Social Security benefits. According to The Hill, “The president’s budget request for fiscal 2015, which is due out March 4, will not call for a switch to a new formula that would limit cost-of-living increases in the entitlement program, the White House said Thursday.” Our Generation supports this move.
In a recent survey Our Generation sent to seniors across the country, 94 percent responded that it was very important that Social Security cost-of-living (COLA) adjustments keep pace with inflation. According to estimates of the proposed new formula, Social Security beneficiaries could see a 2 percent reduction in benefits, which could hurt seniors during the course of retirement. An even greater number or 95 percent of seniors responded to the survey that they support reforms that would improve, cost controls and efficiency in the Social Security Disability Insurance program.
While, not changing the way cost-of-living increases are made are a welcome move, Congress and the White House do need to act to create cost savings in entitlement programs. In 2013 Our Generation launched a campaign to provide citizens with information to understand the federal disability insurance crisis. It is unfortunate that now a record number of Americans collect disability benefits, and this well-intentioned program has ballooned into a $135 billion bureaucracy rife with waste, fraud and abuse. Our Generation has proposed reforms to the program that would tighten eligibility requirements and focus resources on the most disabled individuals, coupled with incentives to employers to keep disabled individuals working. These changes could save billions of taxpayer dollars.
Our Generation, is a nonprofit, nonpartisan advocacy organization founded in 2009 to research, educate and promote long-term free market solutions to today’s public policy concerns.