Dean Baker, co-director of the Center for Economic and Policy Research (CEPR), released a statement on using the Chained Consumer Price Index to determine Social Security Cost of Living Adjustments, saying "This is a benefit cut that would hit current retirees, most of whom are not especially affluent."
Gang of Six Plan Gives Tax Breaks for Wealthy, Social Security Cuts for Ordinary Workers
Tuesday 19 July 2011
by: Dean Baker, The Center for Economic and Policy Research | News Analysis
"The budget plan produced by the Senate’s “Gang of Six” offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled. Despite claiming that they will "reform" Social Security on a "separate track, isolated from deficit reduction," the plan includes cuts to Social Security that would be felt in less than six months, as the plan calls for a new inflation formula that will reduce benefits by 0.3 percentage points a year compared with currently scheduled benefits. The plan also calls for a process that is likely to reduce benefits further for future retirees.
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