Obama Budget to Include Social Security, Medicare Cuts

by Christopher Freeburn | April 5, 2013 2:44 pm

barack obama sitting smiling 630 300x242 Obama Budget to Include Social Security, Medicare Cuts[1]The newest advocate of cutting Medicare and Social Security[2] isn’t a republican. It’s the president.

When President Barack Obama releases his new budget next week, it will include proposals to cut yearly cost-of-living hikes for Social Security and raise Medicare premiums for seniors with higher incomes, ABC News notes.

Administration officials say that the budget trimming will be combined with $580 billion in tax increases, trimming future deficits by $1.8 trillion. The budget, which is unlikely to be enacted, is seen as a move to demonstrate the administration’s commitment to deficit reductions.

The president already offers the proposed cuts in previous negotiations with congressional republicans.

However, the cuts are likely to draw fire from the president’s liberal allies, while the tax increase will surely infuriate conservatives. In the end, the budget is likely to please no one.

The opinions contained in this column are solely those of the writer.

Want to share your own views on money and politics? Drop us a line at letters@investorplace.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/02/barack-obama-sitting-smiling-630.jpg
  2. cutting Medicare and Social Security: http://news.yahoo.com/white-house-budget-social-security-cuts-134407761--abc-news-politics.html

Source URL: http://investorplace.com/investorpolitics/obama-budget-to-include-social-security-medicare-cuts/
Short URL: http://investorplace.com/?p=330803