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View Diary: What's next for Boehner? A better deal—or civil war? (396 comments)

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  •  Actually, it wasn't (0+ / 0-)

    The so-called explanation that was given was "OMFG, it's a benefit cut!"

    That's not an explanation, it's a statement of fact.  Yes, it's a benefit cut. It's also a tax increase. Is it necessarily bad?  Well, would cutting, say, my social security benefits in the out-years be bad? Would raising MY taxes be bad? (Hint: no) So, no, it's not an explanation.

    The explanation is to say that the chained CPI, as proposed, is based on a universal market basket.  The universal market basket accounts for how everyone -- rich and poor -- readjusts expenditures over time.  Unfortunately, for the poor, they've mostly already made the substitutions for which the chained CPI accounts, and thus, yes, it would be a significant benefit cut for the most vulnerable.

    How do I know that wasn't widely known?  I asked.  I started a conversation thread over on TPM Prime, and nobody knew the correct answer.  I'll take that as evidence that it was unavailable.

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