In May, members from the US House Committee on Ways and Means Subcommittee on Social Security held a hearing to discuss President Barack Obama’s proposed 2014 Fiscal Year Budget, which looks to reduce payments through a cut known as “chained CPI.”
The cut is a 0.3 percent reduction to the yearly cost-of-living adjustment associated with Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefit payments. Although the measure was only discussed and no legislation was passed, AARP Senior Vice President Joyce Rogers released the following statement after the hearing.
“As the President and Congress work to address the budget challenges facing our nation, AARP believes it is time for responsible solutions, not harmful proposals that would hurt older Americans and threaten the retirement security of future generations,” Rogers said. “[The] proposals being discussed today include “chained CPI” – a fancy Washington term that really means the Social Security benefits of children, widows, veterans, people with disabilities and retirees would be cut to reduce the deficit.”
“The chained CPI, included in the President’s budget and the other two reports, would cut Social Security benefits significantly over the next ten years. It would start now, taking money from the pockets of current beneficiaries, and would grow larger over time, having the greatest impact as Americans grow older and rely more on their Social Security benefits,” Rodgers said. “It would also cut benefits for people with disabilities and cut benefits twice for many veterans, as well as raise taxes on most taxpayers.”
We stand with the AARP—not only would the reduction hurt seniors, it would greatly impact the disabled. A 0.3 percent reduction would amount to one month of benefits over the course of 10 years. Many people who receive SSDI are living check-to-check, and could not sustain a household or quality standard of living with a cut to benefits.
We will continue to follow this story. If you have questions about applying for disability benefits, contact a Tulsa Social Security Disability attorney. We offer free consultations, and you may reach us by phone at (918) 265-1404. Contact us today to learn more about your rights.
Troutman & Troutman, P.C. – Tulsa Social Security Disability attorneys
Troutman Touts: ‘Chained CPI’ would cut Social Security and veterans’ benefits by $146 billion over the next 10 years.