Say no to chained CPI
A flawed policy initiative called the “chained CPI” is gaining steam in Washington budget talks that would shortchange Tennesseans who receive federal benefits such as Social Security and federal annuities by low balling their annual cost-of-living adjustments (COLAs). Chained CPI supporters have tried to minimize the consequences it will have on seniors, retired federal employees, and veterans by calling it a “technical adjustment” or “better measure of inflation.”
When you cut through the rhetoric, the truth is that the chained CPI is only an adjustment in that it means smaller COLAs each year. It hurts every American – particularly our most vulnerable – in a major way that worsens over time.
Over 25 years, Chained CPI would rob a senior earning $15,000 in Social Security benefits of more than $23,000. Just think of how many coupons that senior would have to clip to make up for the loss over his/her retired years. Federal annuitants who don’t receive Social Security would see a loss of $48,000 over 25 years.
I urge Tennessee lawmakers to reject the Chained CPI and provide America’s seniors, retired veterans and public servants, and individuals with disabilities the income protection they have earned and deserve.
LARRY MINNIEAR, Hixson