Tomorrow the Florida Alliance for Retired Americans will join others across the country in a Day of Action protesting the chained CPI cut to Social Security benefits. We are doing this because some cuts never heal – and that includes a compounding cut to Social Security like the chained CPI.
If the chained CPI formula change were to be implemented, an average person retiring in 2011 at age 65 would lose over $6,000 in 15 years. Supporters of the chained CPI justify this by claiming that seniors should just buy cheaper products. In reality, many seniors are already struggling to get by and don’t have cheaper options for food, transportation, housing or utility costs. Seniors also spend a large percentage of their income on health care costs. A senior cannot just substitute triple bypass surgery with a double because it’s cheaper.
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