Why Is Chained CPI Bad? Social Security Is Already Too Low For Seniors Who Spend Much Of Their Income On Health Care
Last year Republicans demanded the president offer a change to Social Security known as “Chained CPI” in exchange for a “grand bargain.” Since then, 104 Republicans voted for it.
And in an attempt to reignite hopes of a new, big deficit deal, President Obama included it in his budget.
Many Democrats, including Elizabeth Warren (D-MA), have attacked the proposal as chipping away at Social Security, a program that Democrats created and have been defending since the 1930s. The way it hurts seniors is difficult to explain (as you can see from the AARP graphic below).
This post from The Nation debunks the myths about “Chained CPI.” But for a simple explanation, watch President Clinton’s former Secretary of Labor Robert Reich break it dow in the video above, with the help of his happy cartoon figures.
Imag: Donkey Hotey via Flickr.com