Our President & CEO, Max Richtman, told NPR’s Scott Horsely on “All Things Considered” that the current formula for calculating Social Security COLAs — the CPI-W — is flawed. If Social Security used the Consumer Price Index for the Elderly, the 2024 COLA would have been at least 4% rather than 3.2%. For example, the CPI-W index overweights transportation costs, even though most retirees don’t drive as much as people who are commuting to work or taking kids to school. And at the same time, it underweights medical costs, even though that’s a major out-of-pocket expense for a lot of seniors.
“In his article, The Debt Matters Again, German Lopez makes the classic error of conflating Social Security with the federal debt. Mr. Lopez claims that neither party is ‘willing to cut’ Social Security, but seniors’ hard-earned benefits should not be slashed in the name of debt reduction (or for any reason),” writes NCPSSM president Max Richtman in a letter to the editor of the New York Times. “Social Security is fully self-funded by American workers and does not contribute a penny to the debt.” Read more.
Watch this 2-minute video to see how Social Security benefits Americans of all ages — and learn more about our “Social Security: Here Today, Here Tomorrow” town halls across the U.S.
There are many ways you can help preserve the legacy of Social Security and Medicare to ensure a decent quality of life for Americans. Petition drives, rallies and press events, telephone campaigns and community forums are some of the frequent activities we employ to help influence the policy agendas of Congress and the White House.