State of New York secondary Archives: on Social Security


Andrew Cuomo: Expose obscure formulas that cause automatic increases

Andrew Cuomo's gutsy new budget just put Social Security on the chopping block. The irony is that Cuomo himself almost certainly doesn't realize what he's done. Let me explain.

The fiscal plan Cuomo released the other day seeks to completely reframe the way we talk about budgets. Cuomo shined a light on New York's dirty fiscal secret: spending in many programs soars each year because of obscure formulas that bear no relationship to economic conditions. Medicaid and education are the chief offenders, with both slated automatically to rise a stunning 13% next year.

There is no way to distinguish Cuomo's [reframing] from the way Social Security works: increases are built into Social Security's formulas, just as with New York's unsustainable Medicaid rates. I'm not talking about the way benefits are hiked each year to keep up with inflation--no problem there. But under current formulas, the starting benefit levels slated to be enjoyed by future retirees are substantially higher than they are now.

Source: Washington Post on 2014 New York State gubernatorial race Feb 9, 2011

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2016 Presidential contenders on Social Security:
  Republicans:
Gov.Jeb Bush(FL)
Dr.Ben Carson(MD)
Gov.Chris Christie(NJ)
Sen.Ted Cruz(TX)
Carly Fiorina(CA)
Gov.Jim Gilmore(VA)
Sen.Lindsey Graham(SC)
Gov.Mike Huckabee(AR)
Gov.Bobby Jindal(LA)
Gov.John Kasich(OH)
Gov.Sarah Palin(AK)
Gov.George Pataki(NY)