Proposals to substitute a “chained CPI” calculation for the current COLA index are inaccurately characterized as a “technical adjustment” and will substantially reduce the current and future benefits of the millions of Americans receiving Social Security, Supplemental Security Income, military retirement, veterans, and federal civilian benefits. Many of these people receive no other source of income.
If the true reason for a change in the COLA calculation is to reflect changes in the cost of living more accurately, and not simply to reduce the nation's debt, there are other options that provide more reasonable alternatives.
According to a recent poll conducted for the National Committee to Preserve Social Security and Medicare, 72 percent of all Americans oppose reducing COLA increases.