- Dec 31, 2011
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President Barack Obama has proposed adopting what is known as a chained Consumer Price Index, or CPI, as part of his plan to reduce the nations deficit and raise revenue through an income tax hike on wealthy Americans.n general, people who would be negatively affected by the use of the chained-CPI would be retirees and other beneficiaries who receive most of their income from Social Security and who arent in a position to switch to other goods and services when prices rise.
The bottom line: The elderly poor, singles, widows, widowers, and non-whites will be most negatively affected by shifting to a chained-CPI approach to calculating Social Security cost-of-living adjustments. If you count just those retirees whose Social Security benefits represent 90 percent of their total income, thats over 13 million Americans.
“Chaining” Inflation Gauge Would Hurt Social Security Recipients | XFINITY Finance Blog by Comcast
If you are in this group and voted for Obama, you got fooled.
The bottom line: The elderly poor, singles, widows, widowers, and non-whites will be most negatively affected by shifting to a chained-CPI approach to calculating Social Security cost-of-living adjustments. If you count just those retirees whose Social Security benefits represent 90 percent of their total income, thats over 13 million Americans.
“Chaining” Inflation Gauge Would Hurt Social Security Recipients | XFINITY Finance Blog by Comcast
If you are in this group and voted for Obama, you got fooled.
