The Chained CPI may as well say "LET THEM (Seniors) EAT CAKE"! It will reduce and/or eliminate cost of living increases for seniors. Seniors on average earn $14,800/year barely enough to make ends meet. Many survive only on social security checks. Congress and the President hoped to slip the CPI formula change by Seniors. They counted on Seniors being too ignorant to understand what it will cost them until it is too late.
Economist explain the chained CPI says instead of using the current basket of goods (example beef) to assess inflation that consumers will buy chicken if beef is too expensive implying there is no inflation on the cost of beef. Is the President and Congress willing to give up eating beef because it is too expensive? Then are they willing to give up chicken (if it is too expensive) and eat rice? Then if rice is too expensive will they give up eating anything at all? The Chained CPI formula cuts Social Security for both existing and future recipients. Let's send a message loud and clear that Seniors deserve to eat beef too. Call, write, blog, twitter this petition to stop cuts to social security.
