Growing Concerns Over Future Of Social Security - NewsChannel5.com | Nashville News, Weather & Sports

Growing Concerns Over Future Of Social Security

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NASHVILLE, Tenn. - Some new developments out of Washington are causing growing concern about the future of Social Security in Tennessee.

President Obama showed support Tuesday for a bi-partisan plan to trim more than $4-trillion from the budget. That could mean major cuts to Social Security. A program in which one out of six Tennesseans depend on checks every month.

Melody Powell lives off a $770 Social Security check every month. So it's no wonder she's against ideas politicians are considering including a proposal to change how cost of living raises are calculated. That could mean seniors would get $1,000 less every year.

"Let them come live in our spot, let them come live in our place and see how we have to struggle everyday while they drive around in these fancy cars, while they go home to a luxury pillow to sleep on, while we don't know if we are going to have a place to go home to after August," Powell said.

Lawmakers are also thinking about doing away with cost of living increases all together.

"We as retirees haven't seen a raise in three years, probably won't get another one," said Wendell Francis.

Retirees are on track to get an increase in January 2012. The increase, or possible decrease, will depend on what the consumer price index numbers look like over the next three months.

The fear has led to a major push by groups like the AARP mobilizing their members with a national ad campaign

Lawmakers will now work every day until a debt deal is reached. If they don't pass a plan by August 2nd, the government could find itself unable to pay its bills.

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