Updating a story we blogged about recently, the White House has confirmed that President Barack Obama will not push for a proposal that would reduce Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) payments.
According to CNN, the Obama administration announced last month that it would not pursue chained CPI (consumer price index) in its proposed budget for the 2015 fiscal year. The outlet reported that the news is pleasing for the liberals, who were criticizing the idea. The proposed budget will be announced on March 4.
Last year, the Congressional Budget Office estimated that chained CPI would reduce budget deficits by $233 billion over the next 10 years.
“Many economists say chained CPI is a more accurate way to measure inflation because it corrects for biases in more widely-used measures,” CNN reported. “In particular, it assumes consumers will substitute what they usually buy – e.g. a steak – with a similar but lower-priced item – such as hamburger meat – when the price of steak goes up a lot.”
However, liberal groups did not agree with the idea. “Chained-CPI is a fancy term for a boneheaded idea … In the wealthiest nation on earth, there is simply no excuse for more cuts that harm the most vulnerable among us. [We] thank the President for listening to the concerns of his constituents,” MoveOn.org, a progressive activist group, reported following the announcement.
Find Me a Tulsa Disability Attorney
We appreciate that there will be not cuts made to SSDI or SSI. Most people receiving the benefits live very modestly, and a cut would have resulted in financial distress for beneficiaries.
If you have questions about applying for disability benefits, contact a Tulsa Social Security Disability attorney. We offer free evaluations of your case, 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
Troutman Touts: Aside from Social Security benefits, a switch to chained CPI would have also affected veterans’ benefits and Pell Grants.
Source: http://money.cnn.com/2014/02/20/news/economy/obama-social-security-chained-cpi/
