Changing Social Security COLA Formula Would Hurt Current Retirees

AARP's Deb Whitman discusses how moving to a "chained CPI" inflation measure for the Social Security COLA would have a real impact on current retirees -- and many are already barely scraping by.

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[uwannaiguana]

Wow, in 20 days I get my whopping 1.7% COLA increase! How much worse can it get? Considering our current state of "Amercia", a little is better than nothing at all...

[Beazelbeast]

The largest generation is about to retire. Anyone who proposes cutting SS or Medicare will B vilified. SS isn't welfare! Congress illegally stole SS funds and put it into the General Fund & spent it. Any assault on this program will become a rallying cry. Our Founding Fathers fought a revolution against such actions. Our Declaration of Independence & Constitution demand we rebel against such tyranny. You are asking for America to fall into chaos. Stand up against all Congressmen.

[Savory Sauce]

Again America is being served a plate of lies from obama black teaparty CPI is a lie

it should have been 5% or more shame on you liars.

[Bill Bennett]

Interesting so hear the reasoning: We don't need the full COLA because we can switch to generic foods and drugs etc. which cost less. Well, I've been buying generic for many many years to help keep my budget in balance under the current system. So how does one cover the the additional reduced COLA. Oh, I know: skip meals, skip prescription dosage? All because the govt can't pay back what is owed to the SS fund?

[jereuter01]

Absolutely correct Beazelbeast, absolutely correct.

[jereuter01]

That's right. It's a part of the whole "starve the beast" tactic that the rich use to maintain their position and keep the middle and lower classes down.

[jereuter01]

Me too Leslie, me too.

[jereuter01]

I agree with you wholeheartedly Kathy! I just started this year to receive my SS benefit and Obama said nothing at all about it being on the table. Also, there is a irrational income cap for those who make above $106K above which they pay no additional witholding into the SS trust fund. Retain COLA and remove the income cap!

[nwstuff1]

Well, let's see I get a whopping 12 bucks more a month in 2013 but my xray/lab copays went up $40 more each, my meds went up $5 more each and I have 5 of them, so $25, hospital days went up $60 per day, etc. etc. Oh, I am so very thankful that congress gave me my "entitlement" of $12 while still preserving those tax breaks for millionaires. This country has lost it's way.

[olin1242131]

The President said in today's news briefing he never said anything about not changing SS or Medicare prior to election......that is false. He saved the banks, we don't get any interest on our savings, Medicare costs go up, COL goes up, what the heck. VERY DISGUISTED w/ government, President, AARP...this should not even be a point of consideration to throw red meat to Repubs....I voted for him, but don't trust him now.

[Bastard471]

spoiled rich hypocrites claiming not enough needs to be less and blaming their missmanaged money obsessions on sick and old people. take your suits off and leave your goverment jobs. you dont deserve the money you steal from the goverment. S.S. money in the future is not yours do not act entitled to it. you want more socialist money to spend on BBQs to make you look like a big shot. the church pays benifits to the poor if you go to church. go steal your money back from them if its yours.

[Leslie Whitson]

I don't understand how this could even be a talking point; I feel so disenfranchised and so profoundly sad.