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.
Senator Sherrod Brown (D-OH) told Congressional Quarterly (subscription only) that he doesn’t like the idea of the chained CPI “at all” and that his colleagues “overwhelmingly” agree with him:
Democrats sharply criticized the idea on Capitol Hill on Tuesday, but several said they hoped the White House could create a cushion to soften the impact on the neediest beneficiaries.
“I don’t like it at all,” said Sen. Sherrod Brown, D-Ohio, adding that his colleagues “overwhelmingly” agreed with him on the issue.
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