Last week, the Kansas City Star reported that congressional budget negotiations are currently taking place that may affect Social Security Administration (SSA) benefits, including those that go to seniors, veterans and the disabled.
According to the Star, the consumer price index (CPI) is the “government’s main gauge of inflation and is used to determine cost-of-living adjustments, often shorthanded as COLAs.” The newspaper reported that President Barack Obama announced earlier this year a less generous “chained” CPI, in the hopes of saving the government $230 billion over the next ten years.
To read more about chained CPI, you can read a blog post we wrote about the issue this spring.
According to the Star, chained CPI is now being discussed as a possible solution to pending budget issues, especially among conservatives. However, some officials and interest groups are vehemently opposed to the measure, and they have been organizing protests in Washington.
“It’s a benefit cut, a significant benefit cut, $340 billion out of the pockets of current and near retirees, veterans and the disabled over the next 10 years alone,” Joyce Rogers, senior vice president of the AARP said, according to the Star.
Under Obama’s chained CPI proposal, “future benefits for retirees, government workers and veterans would be subjected to the less generous measure of inflation” the Star reported.
It should be noted that the Huffington Post reported that a poll conducted by the website showed that a majority of American’s disagree with chained CPI. According to the news site, a December 2012 poll found that 16 percent of Americans said the proposal to switch to chained CPI was a good idea, while 54 percent said it was a bad idea.
We will continue to update you on potential cuts, as more news comes out. If you have questions about applying for Social Security Disability Insurance (SSDI), 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 lawyers