President Barack Obama during his administration proposed cuts to social security. The justification was that there was a concern over the budget and the debt limit . Social security does not constitute a large portion of America's national debt. Nor does it impact the national deficit. This is a myth that is used to cut social services for American citizens. Cutting social security would cause devastating social and economic consequences. Spending on the military and corporate tax breaks continue to be the culprits in America's economic instability. The 2008 economic meltdown was the product of unrestrained corporate avarice and limited banking regulations. Both parties continue to make attempts at cutting social security. President Obama making this proposal was taking a risk considering he would be running for re-election in 2012. Many questioned his liberal credentials with such a proposal. His administration was more politically centrist, rather than leftist. President Obama's economic policies were still mostly based in neoliberalism.
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