Seniors and the "Fiscal Cliff"

Posted on December 12th, 2012

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Air Date: December 12, 2012

Host: Jim Schneider

Guest: Dan Weber

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Jim opened this edition of Crosstalk with an update concerning McPherson, Kansas, a city that had come under attack from the Freedom From Religion Foundation as it relates to the city’s police chaplaincy program. The F.F.R.F. alleged that this program violates the separation of church and state. The city announced early this week that they will continue to pursue this chaplaincy program.

Dan Weber is the founder of A.M.A.C., the Association of Mature America Citizens.

According to Dan, seniors within A.M.A.C. can’t understand why both sides are “toughening up” regarding the fiscal cliff negotiations.

When you take a look at what lies ahead, it’s seniors that may have to “toughen up”. For example, Dan explained that tax hikes on dividends will hurt seniors most. A lot of seniors have saved via 401K’s and I.R.A.’s and as dividends are taxed, it’s going to affect the earnings of their mutual funds. In other words, this is treating seniors like the millionaires and billionaires that the “left” wants to tax.

Dan believes that because of the severe impact that Medicare and Medicaid have on the national deficit, these programs should be included in “fiscal cliff” discussions.

Social Security is not solvent and in 3 years the disability section will go bankrupt. In 19 years, the basic Social Security will run out of trust funds and only be able to pay out at a 75% rate. In other words, if nothing is done, recipients at that time will take a 25% cut in benefits. However, Dan agrees that Social Security should be separate from the “fiscal cliff” negotiations.

Getting America’s financial house in order can go a long way toward helping seniors today and that can help secure the future for others as well. Find out how the budget battle is going in Washington and what you can do to help the process when you review this edition of Crosstalk.

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Association of Mature American Citizens

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