In his recent proposal, President Obama included a change in the cost of living adjustment (COLA) that will make cuts in Social Security benefits. Ugly, hurtful cuts.
This COLA cut is called Chained CPI. It would do real damage by changing the formula used to calculate the COLA.
It's a real and harmful cut to the Social Security benefits you have earned.
The Chained CPI COLA cuts benefits more every year. After 10 years, your benefits would be cut by about $500 a year for the average retiree. After 20 years, your benefits would be cut by about $1,000 a year.
Switching to the Chained CPI would hurt both current and future beneficiaries.
Social Security should not be part of any such deal anyway. By law, it can't contribute to the budget deficit. It's only permitted to spend money from the Social Security trust fund, as affirmed by Clinton's Secretary of Labor Robert Reich.
Astounding, but true. To end the deficit and bring care to all, Congress could simply pass Congressman John Conyers' bill, HR 676, national single payer health care. No cuts, no agonizing, no problem.
In the meantime, only an uprising can persuade President Obama and Congress that we will not stand for these social security cuts—nor any other cuts to Medicare or Medicaid—the programs won through generations of struggles for a better life.
Tell President Obama that the Chained CPI is unacceptable. Call the White House (202) 456-1111.
Call your Senators and representative with the same message: 202-224-3121.