The 'Chained' CPI is a benefit cut to a program that does not contribute to the deficit. Do not barter it away in the name of deficit reduction. Stand strongly against all cuts to Social Security, Medicare and Medicaid.
U.S. lawmakers and policymakers who are pushing extreme austerity measures and spending cuts over job-creating investments as the magic path to economic stability should take a long hard look at what’s happened to the nations of the European Union (EU) that have imposed strict fiscal austerity policies. Unemployment has soared, according to a new report on the EU labor market from the International Labor Organization (ILO).
There are more than 10 million more jobless people in Europe now than at the start of the crisis. There are now more than 26 million Europeans without jobs, with young and low-skilled workers being the hardest hit.
As word spreads that President Obama’s budget proposal will call for Social Security and Medicare benefit cuts, other voices are calling for increasing the successful programs instead as the medicine struggling families and a weak economy need.
A report for the New America Foundation highlights the crisis in retirement security and proposes expanding Social Security.
Yesterday the AFL-CIO learned President Obama's budget will cut Social Security and Medicare benefits for working families. The so-called "chained" CPI will cut Social Security benefits and middle-income seniors (people who made $47,000 a year and more) will be asked to pay higher Medicare premiums.
Prominent Democrats—including the president and House Minority Leader Nancy Pelosi—are openly suggesting that Medicare be means-tested and Social Security payments be reduced by applying a lower adjustment for inflation.
This is even before they’ve started budget negotiations with Republicans—who still refuse to raise taxes on the rich, close tax loopholes the rich depend on (such as hedge-fund and private-equity managers’ “carried interest”), increase capital gains taxes on the wealthy, cap their tax deductions or tax financial transactions.
In more than 100 events across the country Wednesday, working families rallied outside lawmakers’ offices, federal agencies, military bases and elsewhere to shine a spotlight on the impact of the sequester’s across-the-board cuts that will cost more than 750,000 jobs this year alone and to call for its repeal.
While most of the actions aimed at members of Congress were focused on Republicans who are using the sequester as leverage to get their way in Congress, in Beckley, W.Va., a group of more than 50 AFGE and other union members and community supporters received a shout out of support from Rep. Nick Rahall (D).
In his most recent column, Economic Policy Institute President Lawrence Mishel demolishes arguments in favor of "chained" CPI, which is often offered in grand bargain negotiations, saying it is nothing more than a way to explain away cuts to the program.
As part of Wednesday’s national day of action to repeal the sequester, “Building Unions,” a weekly radio show from the Connecticut AFL-CIO and Greater Hartford Central Labor Council will discuss sequestration, its impact on working families and the drive to repeal the across-the-board budget cuts.
The show airs from 1 p.m. to 2 p.m. on WATR 1320 AM. Click on the “Listen Live” button to stream the show that will feature Connecticut AFL-CIO President John Olsen, labor council President Peggy Buchanan and members of AFGE, AFT and the Machinists (IAM).
The "chained" CPI cost-of-living formula—which would result in a painful cut in benefits for Social Security recipients—was touted as good policy by White House National Economic Council Director Gene Sperling in an "Ask Me Anything" Reddit chat yesterday.
Across-the-board budget cuts—called sequestration—will cost more than 750,000 jobs this year alone and many more jobs over the next decade. There is a simple solution to make this problem go away: repeal sequestration.
It's that simple.
Join working families on March 20 for a national day of actions at congressional offices and in our communities.