With the "fiscal cliff" looming, AARP is warning that changes being considered for Social Security and Medicare could harm older New Yorkers.
The clock is ticking closer to the end-of-year deadline to avert the fiscal cliff, which is a combination of the expiration of Bush-era tax cuts and automatic, across-the-board spending cuts. Some economists say the combination could send the economy back into recession.
AARP says a move being considered by Congress to increase the Medicare eligibility age from 65 to 67 would affect 331,713 New Yorkers.
As the federal government scrambles for a way to avoid going off the so-called fiscal cliff, a series of automatic cuts in discretionary spending, employers and industry leaders are warning that the cuts could have a significant impact on the economy of Massachusetts. WAMC’s Berkshire Bureau Chief Lucas Willard reports….
If Congress and the president cannot reach a deal to prevent it, at the beginning of January, $110 billion will be cut from discretionary spending in FY 2013. Those include cuts to both defense and non-defense spending.
Vermont Senator Bernie Sanders says cuts to Social Security should not be a part of any deficit reduction package used to avoid what's being called the looming "fiscal cliff" of automatic spending cuts and tax increases slated to take effect January first.
Sanders is a member of the Senate Budget Committee. He renewed his calls Monday for the wealthy to pay their fair share toward deficit reduction.