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.
Democratic Congressman Hank Johnson (GA) pointed out on Twitter that Social Security doesn’t even add to the deficit and asked, “Why are we even talking about it?”
Here’s the answer: we shouldn’t be, and President Obama should back off this bad deal.
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