Congressman Keith Ellison (D-MN) released the following statement after reports that the Chained CPI – which would lower Social Security benefits – is on the table during the so-called “fiscal cliff” negotiations.
“Everyone has a grandparent, a friend or a neighbor who relies on the Social Security benefits they earned to pay for medical care, food and housing. A move towards chained CPI would be a long-term benefit cut for every single person who receives a Social Security check.
“Using chained CPI will result in a $6,000 loss for retirees in the first fifteen years of retirement and adds up to a $16,000 loss over twenty-five years. The result would be devastating to millions of Americans who use every single dollar of the Social Security checks they’ve earned. This would require our most vulnerable Americans to dig further into their savings to fill the hole left by unnecessary and irresponsible cuts to Social Security.
“I am committed to standing against any benefit cuts to programs Americans rely on and tying Social Security benefits to chained CPI is a benefit cut.”