The New York Times is reporting that the president’s new budget will propose to cut Social Security and Medicare, a gesture to show Republicans he’s ready to negotiate a budgetary bargain.
What the president’s budget will do: Increase total deficit reduction to $4.3 trillion over 10 years – and slash the deficit’s current percentage of the economy – 5.5– to 1.7 percent by 2023, according to the Times.
What it won't do: make retirement more attainable – and secure – for low to middle-income Americans, suggests a new paper from the Economic Growth Program.
That's because the way to bolster retirement security for average Americans is not to cut it, but to expand it, the authors write in the paper.
Josh Freedman, a policy analyst for the Economic Growth Program and one of the paper's authors, also makes the case for that expansion here and here.