There are now multiple press reports that President Obama will agree to a fiscal deal that enacts a so-called ai???Chained CPIai??? to calculate Social Security and veteransai??i?? benefits.Ai??Under this plan, ai???a person age 75 in the future will get a yearly benefit thatai??i??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.ai??? This represents a huge cut to benefits.
Senator Sherrod Brown (D-OH) told Congressional Quarterly (subscription only) that he doesn’t like the idea of the chained CPI “at all” and that his colleagues “overwhelmingly” agree with him:
Democrats sharply criticized the idea on Capitol Hill on Tuesday, but several said they hoped the White House could create a cushion to soften the impact on the neediest beneficiaries.
ai???I donai??i??t like it at all,ai??? said Sen.Ai??SherrodAi??Brown, D-Ohio, adding that his colleagues ai???overwhelminglyai??? agreed with him on the issue.
We set up an ActBlue page to highlight and reward bold progressive members of Congress who are speaking out publicly today.Ai??Check them out and donate $3 to them here.