Social Security advocates, senior activists, community and faith allies will form a “Human Chain Against the Chained CPI” in front of congressional offices, federal buildings and other locations in more than three dozen cities on Tuesday, July 2 — including in Olympia. The Alliance for Retired Americans’ national day of action is designed to showcase the broad base of support for protecting and enhancing retirement security, not dismantling Social Security inch by inch.
TAKE A STAND! The Washington State Alliance for Retired Americans will form a Human Chain Against the Chained CPI from 11 a.m. to 2 p.m. at Tivoli Fountain on the State Capitol Campus in Olympia. Click here for more info and to RSVP. If you live in another state, click here to find an event in your area.
The Chained CPI would cut Social Security, veterans and other federal benefits by changing the way cost-of-living adjustments are calculated. A study by Social Security Works shows that under chained CPI, someone retiring at age 65 would lose nearly $5,000 in Social Security benefits by age 75. By age 85, that person would lose almost $14,000. If he or she lived until 95, the loss would be more than $28,000.
At a recent congressional hearing, Rep. Xavier Becerra (D-Calif.) said:
The chained CPI is a substantial benefit cut for the wrong people—seniors, disabled workers, veterans, women and middle-income families. Cutting the COLA is particularly harmful to elderly women, who are more likely to be poor in retirement and less likely to have other resources to fall back on.
AFL-CIO Now contributed to this report.