President Barack Obama has floated the idea of cutting benefits for Social Security recipients, disabled veterans and other programs that are adjusted for inflation. The proposal is expected to be in the White House budget to be sent to Capitol Hill next week. White House senior adviser Dan Pfeiffer said on Wednesday that Obama’s offer to Speaker John Boehner to change the consumer price index is still “on the table.” Sen. Bernie Sanders is a leading opponent of the proposal to take billions of dollars away from retirees, disabled veterans and others by changing how cost-of-living adjustments are calculated.
Under Obama’s proposal, 65-year-old retirees would lose more than $650 a year by their 75th birthday, and more than $1,000 a year would be cut from their benefits once they reach 85. Veterans who started receiving V.A. disability benefits at age 30 would have their benefits reduced by $1,425 a year at age 45, $2,341 at age 55 and $3,231 at age 65.
“During his first run for the White House, in 2008, Mr. Obama said he would not cut Social Security. I hope he remembers that promise and keeps it,” Sanders wrote in a letter to the editor published on Tuesday by The New York Times.