Protestors Speak Out Against Chained CPI
(WIBC.com photo: Ray Steele)
Protestors chained themselves together, sort of, to speak out against what they say is a proposal to cut Social Security benefits.
After an earlier protest outside the office of Republican Senator Dan Coats, about 15 people "chained themselves together", using a paper chain, to protest what's known as Chained CPI. It is a different way of measuring cost-of-living increases that President Obama has proposed using as a way of reducing the government's Social Security costs in the future.
Elmer Blankenship with the labor union-affiliated Alliance for Retired Workers says the use of Chained CPI will result in a loss of benefits at a time when many seniors need them. He says it would unfairly penalize older Americans who have to pay more for health care costs.
Some economists believe Chained CPI is a better reflection of inflation than the current cost-of-living index used by Social Security. But Ball State economist Mike Hicks says even converting to Chained CPI would not be enough to make Social Security solvent in the long term.