PRESIDENT Obama and Congress are not the only people in Washington who can add a trillion dollars annually to their
The trust fund that covers Social Security ended last year with an unfunded liability of $12.3 trillion — up $1 trillion from the previous year.
In short, Social Security's reserves will run dry in 20 years.
"If no action is taken to improve the program's solvency before 2033, benefits will be reduced across the board by 23 percent," reported the Heritage Foundation.
But instead of tightening belts, AARP is pressuring Congress to increase benefits at a faster pace as AARP officials lobby to scuttle changes in the Consumer Price Index.
Since 1975, when Congress began adjusting benefits to inflation, benefits have quadrupled. Workers cannot afford another quadrupling of its costs.
But AARP officials want even higher cost-of-living adjustments, state AARP director Gaylene Miller told Daily Mail business editor Jared Hunt.
"We think the current formula of calculating the COLA is flawed," she said. "It doesn't really fly in West Virginia or for older people, because the kind of things they buy are not as included in that urban market basket."
What really doesn't fly is a mushrooming number of retirees and disabled persons who rely on a shrinking number of young people with jobs — a group that increasingly believes that Social Security will not be there for them.
Many retirees and baby boomers headed toward retirement realize that this is unfair and unsustainable. They do not want to burden their grandchildren like this.
Reining in cost-of-living adjustments should be part of any discussion on keeping Social Security solvent beyond 2033.