The Week in Review
In a grim economic report, the Labor Department announced Friday that the unemployment rate in June rose to 9.2 percent. President Obama met Thursday at the White House with congressional leaders on a deficit-reduction plan. His reported offer to cut Social Security drew strong objections from Sen. Bernie Sanders and others. Meanwhile, Sanders on Tuesday delivered a letter to the White House urging Obama to end special tax breaks for the wealthy and profitable corporations as part of any package to bring down deficits. More than 130,000 of you have added your names to the letter. Thanks.
Unemployment The Bureau of Labor Statistics report on Friday said that 14.1 million people were out of work last month. Some 6.3 million of those have been jobless for six months or longer. The latest jobs report was issued at a time when Washington was focused almost entirely on reducing deficits. Even before the latest dose of bad news, an overwhelming majority of Americans said creating jobs should be a higher priority for Congress than reducing the deficit. In our own survey, first posted on Thursday, the margin saying job creation is more important than deficits was 10 to 1. What do you think?
Budget Sanders argued for raising more revenue from the wealthiest Americans and profitable corporations, a strep backed by more than 125,000 Americans who, as of Friday, had signed Sanders' online letter to Obama. The letter urged Obama "to stand with the millions who have lost their jobs, homes and life savings, instead of the millionaires."
Hands Off Social Security As Social Security emerged as a target in White House budget negotiations, Sanders insisted that the retirement program must not be cut as part of any deficit deal. Funded by payroll contributions by workers and employers, Social Security benefits more than 50 million seniors and disabled people. It has a $2.6 trillion surplus and will be able to provide full benefits for every eligible American for the next 25 years. "I am especially disturbed that the president is considering cuts in Social Security after he campaigned against cuts in 2008," Sanders said. He cited Obama's 2008 campaign speeches opposing cuts in cost of living adjustments or increasing the retirement age. "The American people expect the president to keep his word," Sanders said. Watch the senator's floor speech.
