I read recently in the AARP Bulletin that Congress is considering calculating Social Securitys annual cost-of-living adjustment using a chained CPI, or consumer price index. This would cut benefits for the oldest Americans, who are least able to afford it.
The cumulative effect of using a CPI to cut costs means that by the time todays retirees reach age 92, their annual Social Security checks will be cut by almost 10 percent. Thats a huge cut for someone who is already trying to decide whether to buy food or medicine.
Legislators should think about the impact these changes will have on seniors and their families before they propose any cuts or changes to the system. Social Security is strong enough right now to remain solvent for at least the next decade. Though adjustments to Social Security need to be made, there is no reason to turn our most vulnerable citizens into bargaining chips in the fiscal cliff debate.