Economists: Don’t Cheat Seniors
The Senate is shaping up as the next battleground in a fight to block proposed cuts in Social Security and veterans’ benefits. A resolution was filed on Wednesday to put the Senate on record against eroding future cost-of-living adjustments. The “dark suits here in Washington” want a stingier consumer price index, Sen. Tom Harkin warned. “Social security hasn't contributed a nickel to the deficit,” Bernie added. More than 250 economists dispute claims that the so-called chained CPI is a more accurate gauge of retirees’ living expenses. “Arguments in favor of reducing the COLA are premised on the assumption that the current COLA Overcorrects for inflation. However, it is just as likely that the current COLA fails to keep up with rising costs confronting elderly and disabled beneficiaries,” the letter said.
