News outlets are reporting that President Obama's Administration will include in their new budget, as a compromise with House Republicans, cuts to Social Security COLA's via Chained CPI, a technique that reduces Cost of Living Adjustments by assuming that people can reduce costs by switching to cheaper products -- for instance, switching from beef to chicken, or from chicken to cat food.
Studies have shown that inflation is higher for the elderly and the disabled. The Bureau of Labor Statistics own calculations of a CPI-E index for the elderly shows that inflation for the elderly has risen an average of 3.1% annually over the last 30 years compared to 2.9% for the general population. If anything, Social Security COLA's should be raised, not cut.