On the recordJuly 22, 2011
The latest attack on elderly beneficiaries of Social Security is a scheme by which seniors' cost of living benefits would be cut through something called a ``chained'' consumer price index--the CPI--chained involves a formula which recalculates the cost of living. The theory behind the chained CPI is that as the cost of living goes up, consumers--in this case, seniors--buy cheaper products. For example, if poor seniors cannot afford to buy and eat steak but can only afford to buy and eat cheaper cat food, their cost of living benefit would be chained to the cost of the cat food because it's cheaper than steak; and as a result, seniors will see their cost of living benefit reduced to the cheaper product and get a smaller Social Security check. The chained CPI sets up seniors for a reduced standard of living. If you must afford less, you get less Social Security benefits. The chained CPI, chaining seniors to poverty. It's time to break those chains. ____________________
