President Barack Obama surprised Americans, primarily senior citizens, with his 2014 federal budget including a new consumer price index (CPI) formula to compute the annual increase beneficiaries usually receive. If this is approved, the increases in benefits would be reduced.
Social Security is arguably the most important legislation signed by an American president. When President Franklyn D. Roosevelt signed the Social Security Act in 1935, his objective was to provide security for retired Americans against unemployment and old age in a nation where millions of retirees are not guaranteed a pension from their employers.
However, the program has grown phenomenally, from one that benefited 53,000 individuals at a cost of $1.2 million when it was implemented in 1937, to some 54 million beneficiaries (including retirees, widows of retirees and the critically disabled) in 2011 at a cost of some $700 billion annually.
Employed Americans pay into the Social Security fund from payroll deductions (FICA). It's estimated some 160 million individuals are currently paying into the fund. Each payee expects to receive an average retirement benefit of $1,200, increasing or decreasing depending on how long they worked and the rate of their FICA payments. For many retirees, this is and will be the primary source of income and they eagerly anticipate the annual cost of living increases.

As word spread in the region of the aspect of President Barack Obama's plan that will seek to change the calculation for Social Security cost-of-living increases, and adjust the criteria for Medicare, the region's residents, 65 and over, who qualify for Social Security benefits are expressing disappointment and dismay with the proposed plan.

The president's budget plan released on Wednesday is one that includes deficit-cutting proposals seemingly geared to appeasing Republicans, but also includes proposal for some tax increases.
Under the budget proposal, Social Security increases which has traditionally increased annually based on increases in the cost of living will be chained to the consumer price index (CPI).
The chained CPI formula that is being proposed in the 2014 budget was originally proposed by Republicans last year but was rebuffed by Obama. Proponents of the formula said it's more accurate to measure cost of living increases as it takes into consideration the purchasing habits of seniors, who tend to switch their consumption habits based on price increases or decreases, and not based on general price increases.
The chain CPI will mean most Social Security beneficiaries will receive lower, if any cost of living annual increase in the future. However the president's plan will seek to protect low-income and vulnerable beneficiaries. It's estimated the switch to the chained CPI formula will save the federal government $130 billion over the next 10 years.

Recently, Wells Fargo & Company, America's leading lender to women and diverse-owned businesses, announced a commitment to lend a cumulative total of $55 billion to women-owned businesses in the U.S. by the year 2020, updating its lending commitment first established in 1995. The announcement was made by lead executive for Small Business and West Coast Regional Banking president Lisa Stevens, at the Hispanas Organized for Political Equality (HOPE) 22nd Annual Latina History Day conference in Los Angeles.

The announcement coincided with National Women's History Month in March. Wells Fargo has a rich history of working with women business owners, providing them access to capital and financial services. Since introducing the women's lending commitment 18 years ago, Wells Fargo has provided more than $38 billion in capital to women business owners, a group that grew in size by over 20 percent from 2002 to 2007, according to the U.S. Census. Today, approximately 30 percent of businesses in the U.S. are owned by women, according to the National Women's Business Council.

"Women-owned businesses are among America's fastest growing segments, and we are honored to support their role in shaping the future of small business," said Stevens. "Wells Fargo is dedicated to helping women succeed financially - in business and personally."

An economic study released by the Council of Presidents for the Florida College System(FCS) indicates that Florida's 28 public colleges comprising the FCS, contributes some $26.6 billion annually into the state's economy by producing graduates who are better prepared to become high-income earners. The FCS awarded 105,798 degrees and certificates last year.
The Council of Presidents noted the colleges were designed in part to promote economic development for Florida, and the new study supports that mission.
Reacting to the study, Governor Rick Scott said the result follows closely last week's announcement that Florida added over 280,000 private-sector jobs over the last two years. He said as the state continues to focus on economic growth, students will have more opportunities to find jobs in the state. The governor also said his administration is committed to making sure students are prepared to compete for jobs in the global marketplace.

The Council of Presidents and the FCS Foundation commissioned Economic Modeling Specialists International (EMSI) to conduct the economic impact study of the Florida system. EMSI has been conducting economic impact studies for colleges and universities and economic development groups from across the U.S. since 2000. In addition to examining impacts created by the accumulated skills and higher productivity of students in the workforce, EMSI also looked at the impact of Florida's college and student spending.