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In reply to the discussion: Why Democrats Must Break With Obama on Social Security Cuts [View all]Melinda
(5,465 posts)15. Your math is wrong. The amount of decrease is chained to the CPI
However, adopting a chained consumer price index to calculate Social Security COLAs is not a small benefit change it will compound benefit reductions dramatically over time, resulting in an annual benefit that is roughly $1,000 (2012 dollars) lower by the time a beneficiary reaches age 85. As a result, according to AARP Public Policy Institutes new report Proposed Changes to Social Securitys Cost-of-Living Adjustment: What Would They Mean for Beneficiaries?, the CCPI will produce the largest benefit cuts during the time when older Americans need more resources to pay for increasing out-of-pocket medical costs, are most dependent on Social Security benefits, and are at the greatest risk of poverty.
http://www.aarp.org/about-aarp/press-center/info-11-2012/AARP-Opposes-Social-Security-Benefit-Cut-as-Part-of-Lame-Duck-Deficit-Discussions.html
Here's another explanation:
http://www.dailyfinance.com/2012/12/18/chained-cpi-how-washington-is-likely-to-slice-social-security-b/
I'll follow up with more later... work calls, gotta go!
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and as time comes on that amount gets worse, and hurts people even more. The Democrats used to be
still_one
Dec 2012
#2
Cut one single dollar is a massive betrayal. Stay away from Social Security. Cut defense spending,
rhett o rick
Dec 2012
#76
They won't really cut defense spending a lot or others on the take with lots of $$$$$ because they
RKP5637
Dec 2012
#79
I find it interesting that when the Republicans say "my way or the highway" it's ok.
rhett o rick
Dec 2012
#85
No, we are living in approximate hell because we elected a President with no experience
plethoro
Dec 2012
#71
??? Clinton: welfare reform, nafta, telecom bill, selloff of broadcast spectrum.
HiPointDem
Dec 2012
#75
All true, but face it, he didn't try to dismantle public ed, Social Security, and Medicare
duffyduff
Dec 2012
#81
dismantling the public trust is a step-by-step process. offshoring jobs, downsizing welfare, & the
HiPointDem
Dec 2012
#82
unfortunately, that's the pattern. just like clinton cut welfare & pushed through nafta. the
HiPointDem
Dec 2012
#74
That's why Obama et al have been keeping the Republican Party standing like a palooka.
AnotherMcIntosh
Dec 2012
#53
The Middle class already sacrificed. In fact, we're the ONLY ones who sacrificed ANYTHING in this me
RomneyLies
Dec 2012
#24
Look buddy, I paid into the system and expect to get what was promised.
Liberal In Texas
Dec 2012
#25
exactly- though the Rethugs will always trot out someone who is unbearably crazy compared to our guy
NoMoreWarNow
Dec 2012
#33
That's why he brought it up, to drive home the fact we won't accept cuts to SS and Medicare/Medicaid
alfredo
Dec 2012
#49
Every Democratic Congress-person should receive a few thousand copies of this from constituents.
Faryn Balyncd
Dec 2012
#55
In no way could the MIC instead absorb this cut and still insure no American would ever
indepat
Dec 2012
#56
All this can do is make sure a whole lot of Representatives and Senators don't come back
1-Old-Man
Dec 2012
#99
We don't have to break from the President, he broke from us just by accepting the corporate frame.
TheKentuckian
Dec 2012
#100