We live in a different time than our ancestors. Retirement planning used to be somewhat predictable, offering peace of mind for America’s elderly through social security and traditional financial planning. Today we’re dealing with an entirely different ball game of eroding middle-class security in tandem with a historic recession that has plunged our economy into crisis mode. Not to mention an aging baby boomer population that makes senior citizens one of the largest demographics in America.
Well President Obama is confronting these issues with a 2013 budget that is “built around the idea that our country does best when everyone gets a fair shot, does their fair share, and plays by the same rules.” The basic premise of this idea is to convince the Nation to start living within their means and cut wasteful spending to grow the economy and create jobs to help restore middle-class security.
President Obama’s 2013 Budget is designed to honor commitments to the nation’s seniors in the following ways:
- Strengthen Social Security for American people, both today and in the future by guiding the Administration with principles for reform.
- Provide a 3.6 percent Social Security Cost-of-Living Adjustment to help seniors maintain their standard of living in retirement.
- Improve Medicare with $535 billion for Medicare spending in 2013 with focuses on the Affordable Care Act (ACA) and future Medicare and long-term Federal Budget plans.
- Protect Seniors from Abusing Financial Products through Dodd-Frank Wall Street Reform and Consumer Protection Act education plans.
- Preserve and Expand the Supply of Affordable Housing for Seniors.
- Establish Automatic Workplace Pensions.
- Provide Funding for Biomedical Research, Including Aging Research.
- Transfer and Improve the Senior Community Service Employment Program.
- Support the Medical Needs of Veterans.
- Adjust LIHEAP for Expected Winter Fuel Costs.
- Reduce Social Security Appeals Hearing Backlog.
But after years of wasteful spending, is it possible to retrain a Nation to be responsible? Let’s hope so, for all our sake.
Read more about President Obama’s Commitment to Senior Citizens.
- Obama Offers to Cut Social Security, Medicare by RootsAction (socialactions.net)
- Why Older Citizens are More Likely to Vote (money.usnews.com)