NCPSSM — One underappreciated point is that Social Security...

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One underappreciated point is that Social Security benefits millions of children and working-age Americans, as well as older adults. According to calculations of census data performed by the Center on Budget and Policy Priorities, a left-leaning Washington research group, Social Security keeps about 21 million Americans above the poverty line every year. About a third of those people are younger than retirement age, and about 1.1 million of them are under age 18.
Annie Lowrey via New York Times.
Source: ncpssm
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ncpssm.org

White House Budget & Chained CPI
Seniors, Retired Veterans, and the Disabled Will Pay Down Our Nation’s Debt

“If news reports today are correct, President Obama will soon renege on his commitment to keep Social Security out of the deficit debate, ignoring his campaign promise to millions of Americans that he would protect vital middle class programs like Social Security. By including a proposal in his 2014 budget to change the current cost of living allowance formula to a stingier and less accurate Chained CPI, the President has suggested an immediate benefit cut of $130 per year for the typical 65-year old retiree that would grow exponentially to a $1,400 cut after 30 years of retirement. 

Contrary to the political spin, this chained CPI proposal isn’t a “tweak” or an “adjustment,” it’s designed to cut benefits and raises taxes, largely on the poor and middle class, totaling $208 billion over ten years.  $127.2 billion of those benefits cuts come from Social Security with about $24 billion coming from VA benefits and civilian and military retirement pay cuts. Seniors will have received an average COLA of 1.3% over 4 years with no increase in two of those years. Arguing that is too generous shows how out of touch Washington is with the real-world economic realities facing average Americans. Adopting the chained CPI is nothing more than a political sleight of hand targeting our nation’s middle class and poor.  

This budget is also reported to include more means testing in Medicare and less than half the new revenue requested in earlier budget negotiations. The President’s budget is not the balanced plan promised to Americans before November’s election and will leave millions of middle-class families in even worse shape than they are today.”…Max Richtman, NCPSSM President/CEO

Source: ncpssm social security chained cpi politics white house president barack obama budget

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.

Source: boostsocialsecuritynow.org chained cpi news social security politics president obama barack obama budget p2 entitlements seniors retirement retirees retirement crisis
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.
Source: ncpssm social security chained cpi entitlements politics budget president barack obama
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...

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.

Source: boostsocialsecuritynow.org president obama social security politics chained cpi budget entitlements seniors retirement retirees retirement crisis
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