AARP Eye Center
As President Obama heads to Capitol Hill to push his deficit reduction plan, AARP urged Georgia’s congressional delegation to oppose the so-called “chained CPI,” which would make significant cuts to Social Security and veterans benefits in Georgia, according to a new analysis based on data from the Congressional Budget Office (CBO).
The chained CPI, or chained consumer price index, would change the way the cost-of-living adjustment, or COLA, is calculated for Social Security and veterans’ compensation. It will cut benefits for seniors and veterans who are already stretched by prescription drugs, utilities and health care costs. And as we get older, it only gets worse because the cut would start now and get bigger every year, hitting all of us hardest as we age and exhaust more and more of our savings.
Using data from the CBO and the Departments of Veterans Affairs and Defense, AARP calculates that adoption of the chained CPI would cost Georgia’s retirees and veterans$4.2 billion over a 10-year period!
“’Chained CPI’ is a fancy Washington term that really means cutting Georgians’ Social Security and veterans benefits,” said Greg Tanner, state director for AARP Georgia. “AARP believes Georgians deserve to know that the chained CPI is a stealth benefit cut that is currently on the table in Washington. The cut is especially harmful because it would start now and grow worse over time, taking money out of the pockets of seniors and veterans as they get older and every dollar counts.”
You can can see how your personal benefits would be affected at www.aarp.org/whatyoulose.
Then call 1-800-323-2230 and tell Washington to oppose chained CPI and vote NO on any budget proposal that unfairly cuts Social Security benefits!
“Reducing Social Security and veterans’ benefits through the chained CPI would break the promises politicians have made to protect benefits for today’s seniors. It would also leave a legacy of lower benefits for future generations,” said Tanner. “We urge Georgians to tell your representatives in Congress not to accept the chained CPI as part of any budget deal.”