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Senator Bernie Sanders, The Hill - The so-called “chained CPI” is Washington shorthand for one of the most-talked-about cuts favored by Republicans and some Democrats.
Unfortunately, few outside the Beltway understand its consequences. It is a devious and underhanded way to wage class warfare against working families.
Average 65-year-olds would get $650 a year less in benefits when they turn 75 and see a $1,000 a year cut when they turn 85.
The truth is that the formula for calculating Social Security cost-of-living adjustments does not accurately reflect the spending patterns of senior citizens. It short-changes them because seniors by and large aren’t spending their money on big-screen televisions, laptop computers or iPads.
A chained CPI would do more than cut Social Security. It also would cut the benefits of more than 3.2 million disabled veterans in this country.
Permanently disabled veterans who started receiving disability benefits from the Veterans Administration at age 30 would see their benefits cut by more than $1,400 a year at age 45, $2,300 a year at age 55 and $3,200 a year at age 65.
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