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Doing so adds up. Seniors with average benefits retiring this year stand to lose $18,634. It's an estimated 7% cut over a 25 year retirement. According to SCL chairman Larry Hyland:
"It's outrageous that a change that could put a significant dent in seniors' pocketbooks is being passed off as a minor technical adjustment.""Seniors have already been watching the value of their benefits erode, to the point where millions of them are barely able to scrape by."
"Annual cost-of-living adjustments are crucial and should represent seniors' true costs."
Obama calls his budget "balanced and responsible." Americans overwhelmingly oppose Social Security and Medicare cuts. They do so for good reason.
On April 10, former Clinton labor secretary Robert Reich headlined "The case against cutting Social Security and Medicare," saying:
"(S)eniors pay 20 percent to 40 percent of their incomes for health care. They can't switch to lower-cost alternatives because they either don't exist or (they) aren't in a position to shop for them."
Healthcare costs rise "much faster than inflation." They do so annually. For growing numbers, they're unaffordable.
Social Security's current COLA way underestimates "how badly inflation (eats away) at the meager savings of most seniors."
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