Sen. Sherrod Brown (D-Ohio) and Daily Kos are taking action to stop the measure to cut Social Security benefits known as "chained" CPI.
CQ Roll Call (subscription only) reported yesterday that chairman of the House Democratic Caucus Xavier Becerra (D-Calif.), along with a broad coalition of Democrats, pushed back against President Barack Obama's budget proposal to cut Social Security benefits by switching to the "chained" CPI method to calculate Cost-of-Living Adjustments (COLAs).
My brother David has always had the special spark in our family.
Like our two older brothers, David served in the military. When he got out, he started a small business—and when that one didn't work out, he started another one. He couldn't imagine an America where he wasn't living by his wits every single day.
While more than 2 million people signed a petition that was delivered to President Obama today urging him not to cut Social Security, Medicare or Medicaid and to abandon a "chained" CPI formula, hundreds more have left photo messages for the president.
President Obama will hear a straightforward and simple message from more than 2 million people today responding to reports that his budget will include cuts to Social Security and Medicare:
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.
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.
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.
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.
Today, AARP is asking working families to call Congress to tell their elected legislators they oppose the "chained" CPI that would cut Social Security benefits.
Let's be clear, the "chained" CPI is a Social Security benefit cut. The younger you are, the bigger the benefit cut.
AARP has a handy new calculator that helps you calculate how much you lose if Congress enacts a "chained" CPI. The tool also calculates veterans' benefits.
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