Sometimes a picture speaks a thousand words. And for those interested in understanding what impact the “Chained CPI” will have on their Social Security benefits, look no further than this graph.
The Chained CPI would change the way inflation is calculated, and shrink annual cost-of-living adjustments for seniors. That means if someone retired at 65 and lived to 95, their total benefit cut would be a whopping $28,000. For a real-world example, look no further than the grandmother of EOI Policy Director Marilyn Watkins, who at age 97, would have lost more than $450 per month.
The Chained CPI is not a “technical fix” to benefits are some politicians describe it – it’s a benefit cut, plain and simple. To learn more and contact your representative, check out Social Security Works.
More To Read
January 29, 2025
Who is left out of the Paid Family and Medical Leave Act?
Strengthening job protections gives all workers time they need to care for themselves and their families
January 17, 2025
A look into the Department of Revenue’s Wealth Tax Study
A wealth tax can be reasonably and effectively implemented in Washington state
January 13, 2025
Meeting the Moment: EOI’s 2025 Legislative Agenda
This session, lawmakers must pass multiple progressive revenue solutions to fund the programs and services that help make Washington communities affordable