Videos have emerged in which Joe Biden speaks in favor of entitlement reform. Biden disputes the claims:
The thing is, Joe Biden and Barack Obama did try to cut Social Security. It’s one of the forgotten pieces of Obama’s legacy. It was called the ‘Grand Bargain’. Let me tell you the story.
In 2010, the Obama administration thought that the federal government was spending too much money. So they created the “National Committee on Fiscal Responsibility and Reform”. It was nicknamed the Simpson-Bowles committee, for its leading members–Alan Simpson and Erskine Bowles. Simpson-Bowles proposed to cut Social Security by changing the way Social Security measures inflation. Social Security is designed to adjust for inflation, so that the benefits keep up with rising costs of living. By measuring inflation with a scale that runs low, you can reduce the cost of living adjustment and thereby reduce Social Security spending.