These people have zero record of being right about anything, you're talking about members of Congress. Well, the economists supposedly behind this: zero. If these people [members of Congress] were held accountable for their work, they would all be unemployed right now.
Chained CPI is a big cut. It's 3/10 of a percent a year that's cumulative. You've been getting benefits for 10 years, you've lost 3 percent of your benefits. After 20 years, 6 percent. After 30 years, 9 percent. The hit to the typical Social Security beneficiary is considerably larger than the tax hit to the typical person [who makes more than] $250,000, who would be subject to Clinton-era tax rates, and we're supposed to be told this is not a big deal.
Most seniors are not living particularly well. Roughly 40 percent rely on their Social Security check, which averages just over $1200 per month, for 90 percent or more of their income. Almost 70 percent rely on it for more than half of their income.
Sunday, December 23
Obama, Boehner, the Fiscal Curb and Chained CPI
This morning's UP with Chris Hayes featured Dean Baker, Co-Director of the Center for Economic and Policy Research, who deconstructed the fiscal cliff negotiations (Hayes calls it a "curb") and chained CPI:
Posted by D Strickland at 12/23/2012 11:41:00 AM