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05:35 PM
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Obama's new social security cuts: removes essentially 3 months pay out of a year.
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[quote:BlueSage 13:MV8yMDkyNDYxXzM1MjI1MjI2X0YzMzNGMDMy] Real doom for those who were thinking they could finally settle down and relax for 50 years on the government's dime. [/quote]
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According to the AARP, "A typical 80-year-old woman will lose the equivalent of three months worth of food annually" under this plan.
This is a bad deal for current retirees. And it'll hit future retirees even harder, because the proposal cuts Social Security more and more with each passing year. After 10 years, benefits would be cut by about $500 a year for the average retiree. After 20 years, benefits would be cut by about $1,000 a year. And beyond that, it just gets worse.
[
link to www.aarp.org
]
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