Dictionary.com defines sucker punch, in part, as "a sudden unexpected defeat or setback." That's exactly what it felt like when President Barack Obama offered to cut the annual cost-of-living adjustment for Social Security, using a formula known as the "chained CPI."
Dictionary.com defines s ucker punch, in part, as “a sudden unexpected defeat or setback.” That’s exactly what it felt like when President Barack Obama offered to cut the annual cost-of-living adjustment for Social Security, using a formula known as the “chained CPI.”
He’s doing this to appease the House Republicans, so they will agree to raise taxes on the wealthiest Americans as part of a large deficit-reduction deal.
But in the first year, the proposed chained CPI will cut $130 out of Social Security benefits for a typical 65-year-old. And, over time, the cut becomes nearly $1,400 per year for a 95-year-old. In other words, it cuts the most from the people who can afford it the least.
Social Security has never contributed a dime to the deficit, so it shouldn’t be part of the debate over debt — period.
- TERESA POLAND