chained CPI

Top Senate Democrat Proposes Social Security Panel

Posted on 03/20/2013 by | General News | Comments

Bulletin Today | PoliticsBy Andrew Taylor of The Associated Press WASHINGTON (AP) — The Senate’s No. 2 Democrat said Wednesday that he’s preparing a plan to create a commission to study Social Security‘s fiscal problems and send a proposed solution to Congress for guaranteed votes in both House and Senate. Illinois Democrat Dick Durbin says he’s got bipartisan backing for the idea, which is patterned after President Barack Obama’s 2010 deficit commission. Social Security currently is spending more than it takes in in payroll taxes …

Social Security Benefit Cuts Would Have Terrible, Horrible, No Good, Very Bad Impact on Women

Posted on 03/6/2013 by | AARP Media Relations Team | Comments

Money & Savings | PoliticsThe Social Security benefit cut known as Chained CPI remains a piece of the deficit puzzle for reasons that baffle conservatives, veterans, progressives, and almost everyone in between.  The $85 billion in sequester cuts for 2013 have begun and many in Washington have still said they’re willing to cut the modest Social Security benefits we’ve earned by $127 billion over 10 years, even though Social Security by law remains separate from the budget and its deficit.  Let’s give every woman …

What Washington Politicians Really Mean When They Talk About Our Benefits

Posted on 02/14/2013 by | AARP Media Relations Team | Comments

Money & Savings | PoliticsThis originally appeared at The Huffington Post. This week before the President’s State of the Union address, White House Press Secretary Jay Carney said that the President won’t advocate for raising the age of Medicare beneficiaries but that he’s absolutely willing to cut our Social Security benefits.  Carney’s tune dramatically changed the narrative from the 2012 campaign by saying said that the President wouldn’t “ask seniors to bear the burden of further deficit reduction alone.”  During the 2012 election candidates …

COLA Change: How Much Would You Lose?

Posted on 02/13/2013 by | News | Comments

Bulletin Today | Money & Savings | PoliticsThe chained CPI — a proposal to change the way the cost-of-living adjustment (COLA) is calculated for Social Security and veterans benefits — can be as confusing as its name. And with it comes a number of daunting statistics: Retirees and veterans would lose $129 billion in benefits over the next 10 years. If you’re 62 and take early retirement this year, by age 92 you’d be losing the equivalent of a full month of income every year. Poverty rates …

Where Obama Stands on a COLA Change for Social Security

Posted on 02/11/2013 by | News | Comments

Bulletin Today | Money & Savings | PoliticsWondering about President Obama’s position on slowing growth in Social Security benefits? It was made very clear during today’s White House press briefing. Asked whether the president is open to raising the eligibility age for Medicare as part of a budget deal, Press Secretary Jay Carney said absolutely not. Then the subject changed to the so-called chained CPI. The proposed change for calculating cost-of-living adjustments for Social Security and veterans benefits faces strong opposition from AARP and veterans groups. Here’s …

5 Reasons Chained CPI Is Bad For Social Security

Posted on 02/11/2013 by | AARP Blog Author | Comments

Your LifeDavid Certner is the Legislative Counsel and Director of Legislative Policy for Government Affairs at AARP. Congress and the Administration are considering, as a means of deficit reduction, a legislative change to the consumer price index – the so-called “chained CPI.” This change would have a particularly negative impact on Social Security benefits – here’s why: 1. Chained CPI compounds over time.  As a result of a chained CPI, there will be a 0.3% annual cut in Social Security cost …

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