Dean Baker: Why Is President Obama So Anxious to Cut Social Security?

Dean Baker: Why Is President Obama So Anxious to Cut Social Security?.

This cut to Social Security seems especially inappropriate since the near retirees who would feel the full impact of this cut have just seen most of their wealth destroyed by the collapse of the housing bubble and the plunge in the stock market. The typical near retiree (ages 55-64) has just $170,000 in net wealth, including the equity in their home.