Sometimes a picture speaks a thousand words. And for those interested in understanding what impact the “Chained CPI” will have on their Social Security benefits, look no further than this graph.
The Chained CPI would change the way inflation is calculated, and shrink annual cost-of-living adjustments for seniors. That means if someone retired at 65 and lived to 95, their total benefit cut would be a whopping $28,000. For a real-world example, look no further than the grandmother of EOI Policy Director Marilyn Watkins, who at age 97, would have lost more than $450 per month.
The Chained CPI is not a “technical fix” to benefits are some politicians describe it – it’s a benefit cut, plain and simple. To learn more and contact your representative, check out Social Security Works.
More To Read
January 25, 2023
High health care costs are driving Washington workers and families over the edge
December 15, 2022
By strengthening the core pillars of our economy – including child care, health care, educational opportunity, economic security, and our public revenue system – we can diminish economic, racial, and gender inequity.
December 7, 2022
The way our state raises money is not fair. A wealth tax would help right that wrong.