In Daytona Beach, Obama said that “if my opponent had his way, the millions of Floridians who rely on it would’ve had their Social Security tied up in the stock market this week.” He referred to “elderly women” at risk of poverty, and said families would be scrambling to support “grandmothers and grandfathers.”
That’s not true. The plan proposed by President Bush and supported by McCain in 2005 would not have allowed anyone born before 1950 to invest any part of their Social Security taxes in private accounts. All current retirees would be covered by the same benefits they are now.
Obama would have been correct to say that many workers under age 58 would have had some portion of their Social Security benefits affected by the current market turmoil – if they had chosen to participate. And market drops would be a worry for those who retire in future decades. But current retirees would not have been affected.—Factcheck.org, September 20, 2008
WASHINGTON (AP) — Americans say giant federal deficits trouble them, but they’re reluctant to charge ahead with a budget-cutting drive that would hurt the programs they like, a new poll shows.
With a bipartisan commission appointed by President Barack Obama ready to unveil its ideas for mopping up the red ink, an Associated Press-CNBC Poll shows the public divided over accepting the pain needed to address the problem. That wariness underscores the political risks Obama and Congress would face should they embark on a serious effort to shrink federal shortfalls, which have ballooned to over $1 trillion a year.
Forty-seven percent said the deficit should be reduced with spending cuts even if new education, health and energy programs were eliminated, but 46 percent said those programs should grow even if the red ink expands. Offered more than a dozen tax increases and spending cuts to help balance the budget, only four got majority support: Trim the federal workforce, cut their salaries, close some overseas military bases and end the tax deduction on home mortgage interest in exchange for lower income tax rates.
“I know it’s very difficult, but there has to be some way,” said Maria Bennifield, 47, who runs a cleaning business in Phoenix, Ariz., and favors deficit reduction but opposes health and education cuts.
One group that people seem increasingly willing to target is the rich. In a turnaround from early November, most oppose extending expiring tax cuts for the highest-earning Americans. Just 34 percent want to renew tax cuts for everyone; 50 percent prefer extending the reductions only for those earning under $250,000 a year and 14 percent want to end them for all.
AP News
SEE ALSO: AP Exclusive: Raising retirement age hurts poor
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Tags: Economy, Media, News Item, Obama, Social Security
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