Gang of Six Plan Would Cut Social Security for Ordinary Workers While Cutting Taxes for the Rich

Center for Economic and Policy Research: Statement on the Gang of Six Plan | Press Releases

"The budget plan produced by the Senate’s “Gang of Six” offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled. Despite claiming that they will "reform" Social Security on a "separate track, isolated from deficit reduction," the plan includes cuts to Social Security that would be felt in less than six months, as the plan calls for a new inflation formula that will reduce benefits by 0.3 percentage points a year compared with currently scheduled benefits. The plan also calls for a process that is likely to reduce benefits further for future retirees."

For more information on the Gang of Six Plan see the CEPR Statement at http://www.cepr.net/index.php/press-releases/press-releases/statement-on-the-gang-of-six-plan