“Chained CPI” is the new magic phrase going around Washington these days. This is how the government can cut Social Security and pretend it is not really cutting Social Security.
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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.
Chalk it up to Republican obstinacy , Democratic opposition , or just plain common sense, the White House has dropped the noxious chained CPI from its Social Security proposals for the upcoming federal budget.
Don’t mind us as we take a Social Security victory lap.
On Friday, we received news that the Chained CPI (Social Security benefit cut) would not be in the President’s budget.
We received some good news yesterday, the President’s budget will not include the Chained CPI which is a stealth benefit cut to Social Security.
In last year’s budget, President Barack Obama raised the ire of liberal groups by proposing a technical change to the way Social Security benefits are calculated. A year later, an aide wouldn’t say if the measure, known as chained-CPI, will be in Obama’s forthcoming budget for the 2015 fiscal year.
According to inside-Washington gossip, Congress and the president are going to do exactly what voters elected them to do: they are going to cut Social Security by 3 percent. You don’t remember anyone running on that platform? Yeah, well, they probably forgot to mention it.
Read more here.
Politico: “Liberals want to save Social Security with the chained CPI.”
Did you know that the chained CPI was a liberal scheme? And that turning Social Security and Medicare into welfare programs by means testing them is, too? If that’s news to you, you haven’t been reading Politico. An article titled “The quite liberal plans for entitlement reform,” (those sneaky liberals) argues that there’s secret agreement among “liberals” for a raft of reform that “could allow President Barack Obama to get the discussion on entitlements going without infuriating his base.