There are now multiple press reports that President Obama will agree to a fiscal deal that enacts a so-called “Chained CPI” to calculate Social Security and veterans’ benefits. Under this plan, “a person age 75 in the future will get a yearly benefit that’s $653 lower after ten years of chained CPI than that person would get under the current formula. An 85-year-old will have $1,139 less to live on.” This represents a huge cut to benefits.
Progressive Rep. Jerry Nadler (D-NY) objects to this move, and released a statement to make clear that will not support such a deal:
“Social Security is one of the bedrocks of our middle class society and is an essential safety net for millions of American seniors and their families. Millions and millions of Americans rely on Social Security benefits for medical care, food, housing, and other essentials. We cannot allow a move toward chained CPI that would result, over time, in substantial cuts in benefits.
“We must not force our senior citizens to dig further into their savings to fill the hole left by unnecessary and irresponsible cuts to Social Security. It is unconscionable for Republicans to ask seniors and others who can least afford it to sacrifice even more in order to continue giving tax cuts to the wealthiest Americans. I do not support any deal that cuts Social Security, Medicare or Medicaid benefits.”
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