The Chained CPI, which Obama is putting on the table in negotiations with John Boehner, would reduce Social Security payments over time, hitting the poorest and most vulnerable hardest.
As the Center for Economic and Policy Research said, "Over time, changing to the Chained CPI would result in significant cuts to Social Security benefits: a cut of roughly 3 percent after 10 years, about 6 percent after 20 years, and close to 9 percent after 30 years. In addition, lower-income retirees would lose much larger proportions of their income than wealthy ones."
As Rep. Keith Ellison noted in a press release, this backdoor benefit cut would result in a “$6,000 loss for retirees in the first fifteen years of retirement and adds up to a $16,000 loss over twenty-five years.”
Alex Lawson, executive director of Social Security Works says this about the Chained CPI: "It hits the oldest of the old and disabled veterans the hardest. If it wasn't being bandied about as being 'on the table,' I would guess that it was created as an office joke to see who could create the most noxious and offensive policy possible."
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