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. John Conyers (D-MI) objects to this move, and pointed out on Twitter that it represents a definite benefit cut and that we cannot ask our seniors to accept it:
As even right-wing former president Ronald Reagan pointed out, Social Security doesn’t add a penny to the deficit — which makes it even more inappropriate that Congress is considering cutting it in deficit negotiations.
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