Changing the current cost of living allowance formula to a stingier and less accurate Chained CPI is an immediate benefit cut for millions living on already modest incomes. The White House knows this formula is not more accurate for seniors, which is why it’s promised exemptions and bumps to try and soften the blow for some. But it still leaves millions of seniors facing benefit cuts, breaking the promise President Obama made to protect America’s middle class families.
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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.
Chained CPI is being discussed in budget talks. Plain and simple, Chained CPI is a benefit cut to Social Security.
The President’s budget plan ignores his statements made during and after the election that Social Security should not be used to cut the deficit and also his promises for a balanced fiscal approach that wouldn’t target middle-class Americans. In truth, President Obama’s budget will cut $127.2 billion in Social Security benefits by adopting the stingier Chained CPI and further means testing in Medicare. It also raises less than half the new revenue offered in previous proposals.
via Entitled to Know.
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.
Ultimately Members of Congress urged the President—and he’s agreed – to take the cost of living formula change called the Chained CPI out of his budget. The truth is, deficits are coming down and we didn’t have to target Social Security to do it.
Graphic above via SEIU.
Some in Washington want to use the Chained CPI. The Chained CPI is a benefit cut to Social Security, plain and simple. It will affect seniors, veterans, and the disabled. Tell your Member of Congress not to support the Chained CPI.
Meet CPI-E, the progressive alternative to chained CPI
One frequent progressive response to proposals like the Obama administration’s to tie cost-of-living adjustments (COLAs) for Social Security to chained CPI, which rises less quickly and would make COLAs costless, is that he really ought to use CPI-E.
Tell your Member of Congress NOT to support the Chained CPI.
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.
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.
“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.