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AARP via WSJ: New York's Retirees and Veterans Stand to Lose $8.5 Billion with Chained CPI
New York's Retirees and Veterans Stand to Lose $8.5 Billion with Chained CPIhttp://www.marketwatch.com/story/new-yorks-retirees-and-veterans-stand-to-lose-85-billion-with-chained-cpi-2013-03-13
As President Obama heads to Capitol Hill to push his deficit reduction plan, AARP is urging the New York congressional delegation to oppose the so-called 'chained CPI,' which would make significant cuts to Social Security and veterans benefits in New York according to a new analysis based on data from the Congressional Budget Office (CBO).
The chained CPI - also called the 'superlative CPI' - would change the way the cost-of-living adjustment, or COLA, is calculated for Social Security and veterans' compensation, cutting benefits for seniors and veterans who are already stretched by prescription drugs, utilities and health care costs. And as they get older, it only gets worse because the cut would start now and get bigger every year, hitting people the hardest as they age and have exhausted much of their savings. Using new data from the CBO and the Departments of Veterans Affairs and Defense, AARP calculates that adoption of the chained CPI would result in New York's retirees and veterans losing $8.5 billion over a 10-year period.
"Chained CPI is a fancy Washington term that really means cutting New Yorker's Social Security and veterans benefits," said Beth Finkel, State Director for AARP in New York. "AARP believes New Yorkers deserve to know that the chained CPI is a stealth benefit cut that is currently on the table in Washington. The cut is especially harmful because it would start now and grow worse over time, taking money out of the pockets of seniors and veterans as they get older and every dollar counts."
The chained CPI - also called the 'superlative CPI' - would change the way the cost-of-living adjustment, or COLA, is calculated for Social Security and veterans' compensation, cutting benefits for seniors and veterans who are already stretched by prescription drugs, utilities and health care costs. And as they get older, it only gets worse because the cut would start now and get bigger every year, hitting people the hardest as they age and have exhausted much of their savings. Using new data from the CBO and the Departments of Veterans Affairs and Defense, AARP calculates that adoption of the chained CPI would result in New York's retirees and veterans losing $8.5 billion over a 10-year period.
"Chained CPI is a fancy Washington term that really means cutting New Yorker's Social Security and veterans benefits," said Beth Finkel, State Director for AARP in New York. "AARP believes New Yorkers deserve to know that the chained CPI is a stealth benefit cut that is currently on the table in Washington. The cut is especially harmful because it would start now and grow worse over time, taking money out of the pockets of seniors and veterans as they get older and every dollar counts."
I don't know of anyone who's still claiming that Chained CPI is anything but a stealth cut. Maybe they can come up with a third name to try to sneak it by America's seniors.
More at the link above!
PB