On Thursday, House Democratic leaders dismissed President Obama’s inclusion of Social Security cuts in his 2014 budget. Top-ranking Democrats including Nancy Pelosi (D-CA), Steny Hoyer (D-MD), James Clyburn (D-SC) and Xavier Becerra (D-CA) questioned the validity of changing Social Security as part of a deficit reduction package. Becerra pointed out, “Social Security has never added a penny to the deficit or the national debt … Why you would take $230 billion through the chained CPI by cutting benefits for seniors, veterans and the disabled?” Edward F. Coyle, Executive Director of the Alliance for Retired Americans said, “Federal budgets are about more than just numbers, they clearly reflect of our national priorities. It’s time to ask corporations to pay their fair share and stop proposing balancing the budget on the backs of seniors, retired veterans and people with disabilities.” Click here to see a new ‘federal budget update’ fact sheet comparing the President’s proposal with the House and Senate’s.
The Alliance supports the use of the consumer price index for the elderly (CPI-E) which calculates the Social Security COLA in order to assure that the purchasing power of the benefit is maintained as beneficiaries’ age and more accurately reflects retirees’ expenses.