Peter Orszag, the new director of the Office of Management and Budget (OMB) is on record favoring a reduction in Social Security benefits. Orszag has stated that Social Security benefits should be cut back to help balance the Social Security Trust Fund. He spells out his views in a paper he wrote for the Brookings Institute in 2005, called “Saving Social Security: The Diamond-Orszag Plan.” In it, he calls for “a reduction in benefits, which would apply to all workers age 59 and younger.” With a plan to reduce payments over time, the younger you are, the more you’ll be hurt. When Barack Obama announced his OMB choice, he said we “have to be willing to shed the spending we don’t need.” Some of that spending may be on Social Security, if Peter Orszag has any say over the matter. And he’s in a position to have a big say.
“Obama’s Budget Head Would Cut Social Security” Matthew Rothschild, The Progressive, November 28, 2008