December 19, 2012
Thursday, December 20th
The National Committee to Preserve Social Security and Medicare will join Members of Congress at a Capitol Hill news conference detailing what changing the current cost of living allowance formula to a stingier chained CPI will mean for millions of Americans. The chained CPI would mean an immediate benefit cut of $130 per year for the typical 65-year old retiree and would grow exponentially to a $1,400 cut after 30 years of retirement.
Contrary to the political spin, this chained CPI proposal isn’t a “tweak” or an “adjustment,” it’s designed to cut benefits and raises taxes, largely on the poor and middle class, totaling $208 billion over ten years. $112 billion of those benefits cuts come from Social Security alone with up to $24 billion coming from VA benefits and civilian and military retirement pay cuts.
- Rep. Donna Edwards (D-MD), Rep. Jan Schakowsky (D-IL), Peter DeFazio (D-OR) and Keith Ellison (D-MN)
- Dan Adcock, Director of Government Relations and Policy, National Committee to Preserve Social Security and Medicare
The National Committee, a nonprofit, nonpartisan organization acts in the interests of its membership through advocacy, education, services, grassroots efforts and the leadership of the Board of Directors and professional staff. The work of the National Committee is directed toward developing better-informed citizens and voters.
Media Inquiries to:
Pamela Causey 202-216-8378/202-236-2123
Kim Wright 202-216-8414