One Of Obama's Major Allies Is Tearing Into His Plan To Change Social Security
Liberals have made known their opposition to Obama's proposal since reports started emerging on Friday. At highest issue is the proposal known as Chained CPI, a means of cutting Social Security and other entitlement programs by using a different inflation measure that won't rise as much. It would have its biggest effect on Social Security.
Here's a subsequent blog post from AFL-CIO director of policy Damon Silvers:
In a time of rampant income inequality and stagnant wages, a blow to retirement security is the last thing we need.
It's unconscionable we're asking seniors, people with disabilities and veterans to be squeezed of every last penny when corporations and the wealthiest 2% are not paying their fair share of taxes, despite soaring profits.
This year alone, the job-killing sequester will cost 750,000 people their jobs. We need to invest in America's workers, not pull the rug out from under them.
The "chained" CPI is based on a fraudulent premise - that the CPI is rising faster than the actual cost of living experienced by seniors, veterans and millions of other vulnerable citizens living on meager incomes. In fact, because seniors in particular have limited flexibility and spend a disproportionate share of their income on health care, they tend to experience more rapid inflation than the general population.
"Chained" CPI also hits the vulnerable people in the country—people with disabilities who get long-term Social Security benefits and women, because they live longer.
America elected President Obama to protect us from bad Washington ideas like "chained" CPI, not to advocate for them.
Other liberal groups and some of Congress' most liberal members started ripping the plan on Friday.