12 Facts You Need to Know About Our Retirement Crisis as the Battle Over Social Security Is Far From Over

By Steven Rosenfeld

March 15, 2014  |  Progressive organizers [3] and blue-leaning media [4] have been declaring victory because the Obama White House has dropped its push for using a new cost-of-living formula that would cut into future increases in monthly Social Security benefits.

 

Articles such this detailed retelling [5] from In These Timesproclaim that Social Security was "saved,” when in fact, the formula for future Social Security benefits is unchanged, and is still insufficient for the retiring baby boom generation.

Meanwhile, glee over the White House’s reversal eclipses the harsh truth that Obama’s proposed 2015 budget would raise [6] out-of-pocket costs for 50 million seniors—saving the government $60 billion—starting in 2018 by increasing Medicare deductibles, co-pays and premiums, and adding a surcharge if people buy supplemental insurance coverage.