In preventing a change to the CPI, measure protects retirees, veterans and others
AARP Senior Vice President of Government Affairs Joyce A. Rogers today released the following statement in reaction to Senator Bernie Sanders’ proposed amendment explicitly preventing adoption of the chained CPI as part of the Senate Budget:
“AARP applauds the Senate’s overwhelming rejection today of an unwarranted change to the consumer price index (CPI) – known as the chained CPI.
“With the adoption of Senator Sanders’ amendment, the Senate makes clear the need to protect retirees, veterans and others from an unwarranted cut to their benefits. Much more than a mere technical adjustment or a ‘tweak,’ the chained CPI would, over the next ten years, take a combined $146 billion out of the pockets of America’s veterans and seniors who are already living on tight budgets.
“Reducing the cost-of-living adjustment in this manner would harm seniors, the majority of whom rely on their Social Security benefit as the foundation of their retirement income, and whose health care expenses already outpace inflation. It would hurt veterans who have already sacrificed so much for this country. It would hit women especially hard because they typically live longer and rely more heavily on Social Security. And because the chained CPI would cut benefits more with every passing year, people with disabilities – who often rely on Social Security starting at a younger age and therefore for many more years – would suffer from especially deep cuts in benefits over time.
“Any consideration of the chained CPI as part of deficit reduction would simply be a stealth attempt to cut critically-needed benefits for millions of Americans. Social Security is a self-financed program that didn’t cause the deficit, and we applaud this budget – and today’s amendment – for agreeing that Social Security not be used as part of deficit reduction.”
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