Congresswoman Donna Edwards speaks at a press conference about the Chained CPI and how it cuts Social Security benefits for everyone.
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1. Chained CPI is a significant benefit cut that compounds over time, hitting late old-age beneficiaries and the long-time disabled hardest. For a worker with average earnings retiring at age 65 in 2015, chained CPI would cut benefits $653 a year (3.7 percent) at age 75, $1,139 a year (6.5 percent) at age 85 and $1,611 a year (9.2 percent) at age 95.
The debates continue on the so-called ‘fiscal cliff’. Members of Congress recently met for a press conference to discuss the Chained CPI and how it’s a cut to Social Security.
Additionally, National Committee’s Rally Corps was there to let Congress know to keep their hands off Social Security!
Social Security needs to be off the table during these fiscal cliff debates. The Chained CPI is a CUT to Social Security.
The ‘who’ and 'what’? Who does this Chained CPI affect? Everyone. What does it do? Cut Social Security benefits for everyone.
There are several alternatives to cut the deficit rather than using the Chained CPI. Seniors, veterans, and middle-class rely on Social Security as a source of their income and can’t afford any cuts.
Max Richtman Discusses the President’s Budget and Chained CPI on Fox News:
NCPSSM President and CEO, Max Richtman discusses the President’s Budget and the Chained CPI on Fox News. The Chained CPI is a Social Security benefit cut affecting seniors, veterans, and the disabled.
“Chained CPI” is a phrase floating around the Social Security debate that is important to current and future Social Security beneficiaries. Chained CPI would change the way cost of living adjustments (COLA) for Social Security and other other government programs are calculated. The COLA increase that is applied to Social Security, food stamps, Supplemental Security Income, and other programs is determined by the increase in the consumer price index (CPI). The formula has been changed over the years to attempt to make it a more realistic reflection of increases in the price of consumer goods, according to economists. The chained CPI assumes that when prices increase for one product, people substitute a less expensive product.
Chained CPI = Cut to Social Security. That simple.
A very large amount of news articles regarding the President dropping Chained CPI from his budget:
Good News For Social Security Beneficiaries…For a Change. - Entitled to Know.
Obama drops Social Security cut. - The Hill.
Obama hands progressives a win on Social Security. - Chicago Sun-Times.
Obama budget proposal to drop Social Security cuts. - Reuters.
Feeling pressure from the left, Obama backs off of Social Security cuts in budget. - Washington Times.
Obama Budget to Delete Proposal to Limit Social Security. - Bloomberg.
White House drops chained Consumer Price Index for Social Security. - Daily Kos.
Obama’s Budget Drops Big Social Security Cut. - Fire Dog Lake.
GOP’s Social Security disaster: Conservatives just lost their chance to cut benefit. - Salon.
Chained CPI Out of Obama Budget! Victory for the New Populists. - Huffington Post.
How John Boehner Spared Democrats Their Own Civil War. - National Journal.
Reports that President Obama will not include cuts to Social Security through adoption of the Chained CPI in his 2015 budget is welcome news for millions of seniors, veterans and people with disabilities who are tired of their modest benefits being used as deficit reduction bargaining chips. While it appears the White House has, for now, listened to the vast majority of Americans, of all ages and political parties, the President has still left the door open for more “let’s make a deal” bargaining with seniors’ benefits. He’s taking one step forward by keeping the Chained CPI out of his budget. We hope he won’t end up taking one step back by offering it up again later during any budget talks.
Read the rest of our statement about this news here.
On this date in 1990, President George H.W. Bush signed the #ADA into law — making it easier for older Americans and others with #disabilities to get around at home, participate in their communities, and go to work. #ADA31