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About Basic Principles Displaying items by tag: chained CPI
Displaying items by tag: chained CPI
Tuesday, 25 March 2014 00:00

How Social Security Was Saved

The release of the White House’s 2014 budget in April 2013 was a stomach-churning occasion for American seniors who depend on Social Security. In an effort to woo the austerity-now crowd, President Barack Obama included in his proposal a new formula to calculate Social Security cost-of-living adjustments: the chained consumer price index, or chained CPI. Presented as a harmless technocratic fix, chained CPI would have hit America’s retirees in the pocketbook by reducing their Social Security cost-of-living increases.

Sen. Warren: 'Social Security is incredibly effective, it is incredibly popular, and the calls for strengthening it are growing louder every day.'

With Social Security cuts once again on the table in closed-door congressional budget negotiations, a growing movement has taken the offensive, demanding that lawmakers strengthen, rather than stranglehold, our social safety net.

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