AARP refutes reports that it has kowtowed to Social Security cuts

The AARP has refuted an article in today's Wall Street Journal saying the organization had a change of heart after internal debates and had decided that it would accept benefit cuts to the massive entitlement program.
JUL 01, 2011
AARP, the lobbying group for older Americans, has refuted an article that said the organization has stopped fighting cuts to Social Security benefits. A story that ran on the front page The Wall Street Journal today said the association had a change of heart after internal debates and had decided that it would accept benefit cuts to the massive entitlement program. John Rother, AARP's policy chief, had told the Journal that “the ship was sailing. I wanted to be at the wheel when that happens. “Some of our members will no doubt be upset by any such effort,” Mr. Rother said. “But I believe most would welcome a balanced and fair proposal that could strengthen the program for future generations and possibly even improve it for current vulnerable recipients.” In a statement released this afternoon, AARP chief executive A. Barry Rand questioned the story's accuracy. “Let me be clear — AARP is as committed as we've ever been to fighting to protect Social Security for today's seniors and strengthening it for future generations,” he said. “Contrary to the misleading characterization in a recent media story,” he added. “AARP has not changed its position on Social Security.” Mr. Rand noted that the organization is fighting proposals in Washington to trim Social Security in an attempt to shore up the nation's deficit. He stressed that “long-term solvency is the key to protecting and strengthening Social Security for all generations” and that AARP believed that any changes to the program would be phased in slowly and would not affect current or near-term beneficiaries. A call to the AARP for further comment was not immediately returned. A Wall Street Journal spokeswoman did not comment and the story was unchanged on the newspaper's website at press time.

Latest News

Most asset managers are using AI, but few let it call the shots
Most asset managers are using AI, but few let it call the shots

Survey finds AI widely embedded in research and analysis, but barely touching portfolio construction or trade execution.

LPL, Raymond James score fresh recruits in advisor recruiting battle
LPL, Raymond James score fresh recruits in advisor recruiting battle

Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management