Senior citizens would see their Social Security checks shrink under President Obama's latest budget proposal.
The budget plan, being released Wednesday, calls for changing the way the annual cost of living adjustments for Social Security and other federal programs are calculated. Shifting to "chained CPI" from the current inflation measure could reduce the federal debt by $230 billion, but it would also mean that seniors would get smaller increases in their Social Security payments each year.
The president's proposal would provide protections for the oldest seniors, low-income seniors and veterans, and those who are disabled.
i'm sorry but the last paragraph sets me at ease being as though i fit in the column, but can't help but appreciate those being affected the pain that can create difference in what you eat, monthly payments rising, depending on what program they are on their meds could end the chance at aleast comfort, not comfortable but comfort, the ability to pay your existence fach month.
But the change would still make a difference for many people. Chained CPI is expected to grow between 0.25 and 0.3 percentage points more slowly than the current CPI measure.Initially, the reduction in the growth of Social Security checks would be quite small ... between $38 and $45 in the first year, for the average retired worker. But over time, that would grow into the hundreds of dollars.Someone who started collecting the average Social Security benefit for a retired worker in 1999 would receive $12,972 in 2012. But let's say the Social Security Administration had already been using chained CPI -- that person would get only $12,336 this year, according to the National Academy of Social Insurance. That's nearly 5% less.
remember this if passed will be the best he could get from the republicans and getting it because of reporting and your outcries keep it up, ramp it up, and don't let it down keep it hi so they can't miss it.
Pres. is for you enough said.
