President Obama has endorsed a plan to cut Social Security benefits through a so-called a�?chained CPI.a�? Today, Rep. Jan Schakowsky (D-IL) spoke out against a plan like Obama’s that would offer only a tiny increase in taxes for the wealthy in exchange for cuts to Social Security benefits:
SCHAKOWSKY:A�A�Thank you, Mr. Speaker. I rise today because I justA�don’t get this discussion aboutA�the fiscal cliff. Republicans are saying that inA�order to raise taxes on theA�very wealthiest Americans andA�actually buy historically smallA�– by historically smallA�amount, that the price that hasA�to be paid is to ask theA�poorest adult Americans to payA�more. That is to reduce socialA�security and medicare benefits. I don’t get the equivalencyA�that is being asked for. The richest to pay a bit moreA�and the price to be that theA�poor, the poorest have to payA�more. Seniors in this country have aA�median income of just $22,000 aA�year. That means half of all seniorsA�are below that. They also spend an averageA�right now of $4,500 a year onA�health care costs out of theirA�own pockets. And so I think that we have toA�change the debate here andA�there’s a parable in the BibleA�that makes this point.A�when you ask a person with oneA�coat to give up that coat, it’sA�not the same as asking someoneA�with 10 coats to donate one toA�the cause. I yield back.