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WASHINGTON, D.C. – Today, Congressman Jerrold Nadler (D-NY) denounced the GOP’s continued push to cut Social Security benefits through recalculating inflation – within a process known as chained CPI – during the current fiscal cliff negotiations in Congress. The current average earned benefit for a 65 year old on Social Security is $17,134. Using chained CPI would result in a $6,000 loss for retirees in the first 15 years of retirement and adds up to a $16,000 loss over 25 years.
Nadler issued the following statement:
“Social Security is one of the bedrocks of our middle class society and is an essential safety net for millions of American seniors and their families. Millions and millions of Americans rely on Social Security benefits for medical care, food, housing, and other essentials. We cannot allow a move toward chained CPI that would result, over time, in substantial cuts in benefits.
“We must not force our senior citizens to dig further into their savings to fill the hole left by unnecessary and irresponsible cuts to Social Security. It is unconscionable for Republicans to ask seniors and others who can least afford it to sacrifice even more in order to continue giving tax cuts to the wealthiest Americans. I do not support any deal that cuts Social Security, Medicare or Medicaid benefits.”