This is a TERRIBLE idea.As part of the bargaining with the Republicans on deficit reduction President Obama has proposed to adopt the chained CPI method of calculating inflation for future Social Security payments.
The White House says the president’s plan would cut spending by $1.22 trillion over 10 years, compared with $1.2 trillion in cuts from the Republicans’ initial offer. Of that, $800 billion is cuts to programs, and $122 billion comes from adopting a new measure of inflation that slows the growth of government benefits, especially Social Security. The White House is also counting on $290 billion in savings from lower interest costs on a reduced national debt.http://www.nytimes.com/...
More details here:
Social Security contributes $0 to the deficit or Federal debt and is fully solvent for at least the next 20 years by the most pessimistic estimates.
Please take action and contact the White House and voice your opposition to this proposal.
And call your senators and reps
If I had wanted cuts to Social Security I would have voted for a Republican, not a Democrat.
This is just a bridge too far.
We WON the election.remember President Obama?