Richard (RJ) Eskow: Senator’s Denial of News Story Reflects Deep Resistance to "Chained-CPI" Social Security Cut

Here’s an “Washington insider” story that could affect every family in the country. Congressional newspaper The Hill reported today that Sen. Chuck Schumer was considering using a special parliamentary maneuver to pus a budget deal.  But this wasn’t just another “inside baseball”story, the kind that fascinates policy wonks and bores all other living beings. This story included an explosive paragraph which seemed to suggest that Schumer, the Senate’s #3 Democrat, was interested in a deal that included the “chained-CPI” cut to Social Security benefits. It also included cryptic language about “Medicare reform,” words that are often used as Beltway code for raising the eligibility age or other drastic benefit reductions to that program.While the “chained CPI” is often pitched as a “technical adjustment” or “a more accurate say to measure cost-of-living increases,” it’s neither. The formula is less accurate and less fair than today’s already-inadequate formula for calculating expenses for people on Social Security., and would result in a 3 percent benefit cut for the average senior (considerably more for those who live longer).Read More…

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Richard (RJ) Eskow: Senator’s Denial of News Story Reflects Deep Resistance to "Chained-CPI" Social Security Cut

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