Obama’s Reverse Robin Hood

In case you haven’t heard, because the federal government’s cost of living indicators are showing slight deflation, there will be no cost of living increase for Social Security recipients next year. Of course, seniors vote in large numbers and are a politically-powerful voting bloc, so as soon as word came down that there would be no COLA, spineless members of Congress and President Obama started looking for ways to give seniors money anyway.

It appears that they have settled on $250 payments to the more than 50 million seniors on Social Security for no good reason. On top of all the other deficits including those we already face for Social Security, this is a $12.5 billion in debt that will be placed on the backs of America’s children and grandchildren.

The dirty little secret here is that senior citizens as a group actually are the wealthiest segment of society. Back in 2002, Indeed, the average net worth of seniors age 65-74 was $146,000, while the average net worth of Americans under age 35 was a mere $9,900. With the addition of the prescription drug benefit under President Bush, this disparity has only grown.

Seniors and the rest of Americans should unite in opposing this $250 transfer from the poor to the rich.

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3 Replies to “Obama’s Reverse Robin Hood”

  1. The $250 for seniors is of course, nothing more than a bribe. Freezing cola was a good start, freezing cola on the federal level and instituting and immediate across the board 10% pay cut for all federal workers would be even better.

    If this administration had any interest in helping the economy, they would be doing everything in their power to make sure money is staying in the private sector instead of flowing to Washington.

  2. Sorry Boobala. Your reference to the website of the National Taxpayers Union does not explain what the source of their “research” for the average net worth comes from. Moving on, Tuesday’s news, e.g. http://tinyurl.com/yz883ms tells us Medicare Part B premium will go up 15% or about 15 bucks a month. Private insurance premiums for supplements to Part B will probably follow suit. Nice play by the Prez….looks good give to Seniors with one hand and taking away with the other, wouldn’t you agree?

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