There are now multiple press reports that President Obama will agree to a fiscal deal that enacts a so-called “Chained CPI” to calculate Social Security and veterans’ benefits. Under this plan, “a person age 75 in the future will get a yearly benefit that’s $653 lower after ten years of chained CPI than that person would get under the current formula. An 85-year-old will have $1,139 less to live on.” This represents a huge cut to benefits.
But during the presidential campaign, the Obama team swore up and down that it would not agree to slashing Social Security benefits. Here’s an October 6th statement:
President Obama will under no circumstances agree to put your retirement at risk by privatizing Social Security, and he will reject any plan that slashes Social Security benefits.
And his campaign web site said “no current beneficiaries should see their benefits reduced” and that the “administration will not accept an approach that slashes benefits for future generations”:
President Obama should keep his promise to the 61 million Americans who voted for him and back off of his proposal to cut Social Security benefits.
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