Bad cuts for seniors
With all the talk about the chained Consumer Price Index (which generally lowers cost-of-living increases), I’m very disappointed that Sen. Richard Burr supports using chained CPI for Social Security cost of living adjustments. He said last week that veterans should be exempted.
The fact is everyone should be exempted from the chained CPI because it is a severe and cruel benefit cut. Adopting the chained CPI for Social Security as part of deficit-reduction efforts is completely off base because the program does not contribute to the deficit to begin with.
It’s a bad idea because the current cost-of-living adjustment underestimates inflation experienced by seniors and people with disabilities and the chained CPI would worsen the disparity. Social Security benefits are modest by virtually any measure. With our nation facing a retirement income crisis, cuts to Social Security will only make that crisis worse. The vast majority of beneficiaries live by modest means and cannot easily absorb such a large cut to benefits.
The chained CPI is a flat-out benefit cut for Social Security beneficiaries, one that is not fit for our veterans or any of our seniors.
Vice-President North Carolina Alliance for Retired Americans