For Immediate Release
Kucinich: “Chained C.P.I Chains Seniors to Poverty”
“If You Must Afford Less, You Get Less Social Security Benefits.”
WASHINGTON - Congressman Dennis Kucinich (D-OH) took to the House floor again today to defend seniors from unfair attempts to cut Social Security benefits. Kucinich has previously pointed out that Social Security is financially sound and should not be connected to the federal deficit debate.
See video here. The full text of the Congressman remarks follow:
“The latest attack on elderly beneficiaries of Social Security is a scheme by which seniors' Cost-of-Living benefits would be cut through something called a Chained Consumer Price Index. The C.P.I., chained, involves a formula which recalculates the Cost-of-Living.
“The theory behind the Chained C.P.I. is that as the Cost-of-Living goes up, consumers, in this case seniors, buy cheaper products. For example, if poor seniors cannot afford to buy and eat steak, but can only afford to buy cheaper cat food, their Cost-of-Living benefit would be chained to the cost of the cat food, because it's cheaper than steak.
“As a result (of the Chained C.P.I), seniors will see their Cost-of-Living benefit reduced to the cheaper product and get a smaller Social Security check.
“The chained C.P.I. sets up seniors for reduced standard of living. If you must afford less, you get less Social Security benefits. The Chained C.P.I. -- chaining seniors to poverty. Time to break those chains.”