As Congress and the White House Plan to Cut Social Security Benefits to 55 Million Americans, Obama Asks for $37 Billion for Energy and Water Projects

House Passes Energy Bill $6 Billion Below Obama's Request

As of March 2011, the Department of Energy (DoE) authorized $37 billion in stimulus funds for use by green technology companies. Since the recession of 2008, American businesses have struggled to create jobs and return the economy to pre-recession employment levels. Subsidizing green technology is the favorite strategy of liberals for solving America’s economic woes. We are told this “investment” for the future will create millions of new clean jobs and keep America dominant. The stimulus package brought a deluge of green tech subsidies into California. Unfortunately, these subsidies cost California citizens hundreds of millions of dollars and stifle broad, sustainable economic growth. Furthermore, a subsidy scheme requiring billions of dollars to implement virtually guarantees to waste millions. The best way to promote lasting job creation and economic success in California is to get government out of the market by cutting subsidies. The government has neither the right to pick economic winners and losers nor the expertise to do so successfully. - Tyler Sonksen, Government Intrusion in the Market, Golden State Alliance for Liberty, March 22, 2011

July 15, 2011

AP - As lawmakers argued over long-term deficit reduction, the Republican-led House on Friday cut 20 percent from President Barack Obama's budget request for energy and water projects.

Republicans called the bill a model of restraint but the White House said it jeopardized economic growth and clean energy.

The $30.6 billion bill, covering Energy Department and Army Corps of Engineers programs, was down $1 billion from this year and was nearly $6 billion less than the White House wanted.

An amendment to the bill would allow companies to make and sell old 100-watt light bulbs after January 1, when they are scheduled to be phased out. Republicans had previously tried and failed to overturn a 2007 law requiring light bulbs to be more energy efficient starting next year.

The bill also steered $1 billion away from high-speed rail projects and used the money instead to pay for flood relief along the Mississippi and Missouri rivers. And it provided $1.3 billion for renewable energy programs, about $491 million below this year's level.

Democrats objected to all those provisions and all but 10 Democrats voted against the bill. The bill now moves to the Democratic-controlled Senate, which is certain to take a different approach.

"This bill is proof that we can make commonsense spending reductions without damaging or impairing the programs that help keep our country safe and our citizens at work," said House Appropriations Committee Chairman Hal Rogers, R-Ky.

With the vote, the House has now passed five of the 12 federal spending bills in the upcoming fiscal year. The Senate has yet to pass any.

The House bill blocks the administration from closing the Yucca Mountain nuclear waste project in Nevada. Obama and Senate Majority Leader Harry Reid of Nevada want to terminate that program. The government has spent $15 billion on Yucca Mountain, which is still not open for storing spent nuclear fuel from power plants.

The legislation slightly increased spending on nuclear security programs, to $10.6 billion, and slightly decreased spending on scientific research, to $4.8 billion. Another $4.9 billion would be spent to clean pollution at nuclear weapons plants.

Social Security Basic Facts

May 17, 2011

• In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits.

December 2010 Beneficiary Data

Retired workers	35 million	$40.7 billion	$1,175 average monthly benefit
dependents	2.9 million	$ 1.7 billion
Disabled workers	8 million	$ 8.8 billion	$1,068 average monthly benefit
dependents	2 million	$ .6 billion
Survivors	6.4 million	$ 6.3 billion	$1,134 average monthly benefit

• Social Security is the major source of income for most of the elderly.

• Nine out of ten individuals age 65 and older receive Social Security benefits.


• Social Security benefits represent about 41% of the income of the elderly.


• Among elderly Social Security beneficiaries, 54% of married couples and 73% of unmarried persons receive 50% or more of their income from Social Security.


• Among elderly Social Security beneficiaries, 22% of married couples and about 43% of unmarried persons rely on Social Security for 90% or more of their income.
  


• Social Security provides more than just retirement benefits.
  
  
  • Retired workers and their dependents account for 69% of total benefits paid.
  
  
  • Disabled workers and their dependents account for 19% of total benefits paid.
    • About 91 percent of workers age 21-64 in covered employment in 2009 and their families have protection in the event of a long-term disability.
    
    
    • Just over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67.
    
    
    • 67% of the private sector workforce has no long-term disability insurance.
      
  
  
  • Survivors of deceased workers account for about 12% of total benefits paid.
    • About one in eight of today’s 20 year-olds will die before reaching age 67.
    
    
    • About 97% of persons aged 20-49 who worked in covered employment in 2009 have survivors insurance protection for their young children and the surviving spouse caring for the children.


• An estimated 157 million workers, 94% of all workers, are covered under Social Security.


• 50% of the workforce has no private pension coverage.
• 31% of the workforce has no savings set aside specifically for retirement.

• In 1940, the life expectancy of a 65-year-old was almost 14 years; today it's almost 20 years.

• By 2036, there will be almost twice as many older Americans as today -- from 41.9 million today to 78.1 million.

• There are currently 2.9 workers for each Social Security beneficiary. By 2036, there will be 2.1 workers for each beneficiary.