Break Out The Dog Food!

When George W. Bush had the sheer gall a couple years ago to propose allowing -- not requiring -- people to voluntarily shift a couple percent of their Social Security into the free market to maximize returns for Americans in their golden years.  Remember, there is no 10-year period of decline in the history of the stock market, and the market always benefits investors in the long run, so this plan made sense as a first step into privatization.  However, the result was a virulent backlash from the Left that included accusations of Bush forcing old folks to eat dog food because they would have no more Social Security.

Fast forward to today and listen to the crickets:

Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.

The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

"I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. "To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal."

Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.

Advocates say older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation. Many also have suffered from declining home values and shrinking stock portfolios just as they are relying on those assets for income.

"For many elderly, they don't feel that inflation is low because their expenses are still going up," said David Certner, legislative policy director for AARP. "Anyone who has savings and investments has seen some serious losses."

About 50 million retired and disabled Americans receive Social Security benefits. The average monthly benefit for retirees is $1,153 this year. All beneficiaries received a 5.8 percent increase in January, the largest since 1982.

Proposed movement toward proven success?  Howls and gnashing of teeth.  Actual cuts in real checks?  Well...let's just wait and see what happens, shall we?  I predict the crickets will be deafening.

When are senior citizens going to realize that between Obama's proposed death panel and his real Social Security cuts, they had it great during Bush's administration?  When are the rest of us going to realize it, too?

There's my two cents.