Tying annual Social Security cost of living adjustments to the Chained Consumer Price Index will reduce benefits. The effect will be cumulative and substantial over time. The current Cost of Living Index should be retained.
The financial situation of seniors has already been eroded. The value of retirement savings had had no chance to keep pace with inflation for 15 years. Homeowners equity has collapsed. Retirees and those nearing retirement shouldn't pay for the mistakes that caused the current unsatisfactory fiscal situation. Social Security's OASI Trust Fund has had receipts exceeding expenditures for decades. Benefit payments haven't added a penny to the public debt. Removing the cap on taxation that exempts income over $110,100 today will ensure Social Security solvency.