COLA Cuts will Hit Minorities Hard

COLA Cuts will Hit Minorities Hard

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The clock is ticking for the Super committee. There’s only a few days left until the deadline for the groups of twelve to come up with a comprehensive debt reduction package of at least $1.2 trillion in savings over the next decade. Democrats have been uneasy about proposed cuts to entitlement programs like Social Security, but with so little time left, the only thing the “super” twelve can agree on is putting everything (even entitlements) on the table.

One cut under consideration is a $112 billion cut to Social Security by changing how the Social Security cost of living adjustment (COLA) is calculated and reducing benefits. Also said to be under review, raising the age of Medicare eligibility from 65 to 67 and increasing out-of-pocket costs for seniors using Medicare.

“People of color, minorities, disproportionately rely on social security because they’re disadvantaged in the workplace,” says Nancy Altman, co-director of Social Security Works. “Often they don’t have private pensions or other sources of income, so they are highly dependent on these benefits. Minority women, especially, are extremely dependent on these benefits.”

Vermont Senator Bernie Sanders (I), pollster Celinda Lake released a poll on Friday showing that a majority of Americans across party lines oppose cuts to Social Security. “We are not going to allow them to cut Social Security,” Sen. Bernie Sanders, I-Vt. said on a conference call earlier today. He conceded the cuts were necessary telling reporters, “we need deficit reduction, but not through Social Security.”

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Special from Pamela Kirkland @ POTUS Readout

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