What is “chained CPI,” the new measure of inflation Obama proposes using for indexing Social Security benefits? It means if the price of groceries increases, instead of calculating the increased cost of the same bag of groceries, the assumption is made that less expensive items will be purchased. So, I ask, if seniors who are barely getting by on their Social Security payments, have to resort to buying cat food in order to pay the rent and the PG&E bill, will that be the basis of their new Social Security payment?
It’s a lie that Social Security has contributed to the deficit. But it’s also a lie that we have a large Social Security trust fund. It exists only in theory. The truth is that our leaders — mostly during Republican administrations — have “borrowed” all of the trust fund to pay for tax cuts, unfunded wars, unfunded drug benefits, so that the government has no money to pay the Social Security benefits that we have all paid for with our payroll taxes.
Instead of stealing more from the Social Security program, let’s stop subsidizing oil companies, hedge fund managers, Pentagon contractors, and rich tycoons with offshore accounts.