According to TIME, an aide for President Barack Obama would not say if his administration supports a measure known as chained-CPI, and whether it will be included in his upcoming budget for the 2015 fiscal year.
Chained-CPI would affect people who receive Social Security benefits. The measure would result in a reduction to the yearly cost-of-living adjustment associated with Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefit payments. The result would be higher taxes and lower benefits.
For more about chained CPI, you can read a blog post we wrote about the issue last year.
According to Time, White House Council of Economic Advisers Chair Jason Furman was asked whether the president still supports using the alternative formula for calculating inflation to determine social security benefit increases. “You’re going to have to wait and just see what’s in the budget,” Furman said.
Last year, the President’s 2014 Fiscal Year Budget hinted at a 0.3 percent reduction to the yearly cost-of-living adjustment, which drew the ire of special interest groups like the AARP, who noted that the reduction would hurt seniors and greatly affect the disabled.
Furman said that the president suggested the measure last year to “entice the GOP to reach a broad-based fiscal deal.”
Locate a Tulsa Disability Attorney
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) 587-0050. Contact us today to learn more about your rights.
Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers