By Ben Strubel
Along with most Republicans, many Democrats, and Wall Street, President Obama wants to cut Social Security. Here is what you need to know.
What Cuts Are Being Proposed?
Obama is proposing, along with the support of Republicans and many Democrats, to change how annual increases in Social Security benefits are calculated. Obama wants to switch to a different formula, called Chained CPI. This switch would result in a benefit cut of $230 billion dollars over 10 years. All this is being done under the guise of “strengthening” the program and “securing it for future generations”. (See here, here, here, here and here)