Robert B. Reich's Blog, page 112

The Big Stall

Bad news on the economy. It added only 88,000 jobs in March – the slowest pace of job growth in nine...

PLEASE WATCH THIS VIDEO: WHAT’S THE “CHAINED...

PLEASE WATCH THIS VIDEO: WHAT’S THE “CHAINED CPI,” WHY IT’S BAD FOR SOCIAL SECURITY, AND WHY THE WHITE HOUSE SHOULDN’T BE TOUTING IT. 

The White House and prominent Democrats are talking about reducing future Social Security payments by using a formula for adjusting for inflation that’s stingier than the current one. It’s called the “Chained CPI.” I did this video so you can understand it — and understand why it’s so wrongheaded. 

Even Social Security’s current inflation adjustment understates the true impact of inflation on the elderly. That’s because they spend 20 to 40 percent of their incomes on health care, and health-care costs have been rising faster than inflation. So why adopt a new inflation adjustment that’s even stingier than the current one?

Social Security benefits are already meager for most recipients. The median income of Americans over 65 is less than $20,000 a year. Nearly 70 percent of them depend on Social Security for more than half of this. The average Social Security benefit is less than $15,000 a year.

Besides, Social Security isn’t in serious trouble. The Social Security trust fund is flush for at least two decades. If we want to ensure it’s there beyond that, there’s an easy fix — just lift the ceiling on income subject to Social Security taxes, which is now $113,700.

Why are Democrats even suggesting the inflation adjustment be reduced? Republicans aren’t asking for it. Not even Paul Ryan’s draconian budget includes it.

Democrats invented Social Security and have been protecting it for almos 80 years.They shouldn’t be leading the charge against it.

“The Case Against Chained CPI”The White House and prominent...

“The Case Against Chained CPI”

The White House and prominent Democrats are talking about reducing future Social Security payments by using a formula for adjusting for inflation that’s stingier than the current one. It’s called the “Chained CPI.” I did this video so you can understand it — and understand why it’s so wrongheaded. 

Even Social Security’s current inflation adjustment understates the true impact of inflation on the elderly. That’s because they spend 20 to 40 percent of their incomes on health care, and health-care costs have been rising faster than inflation. So why adopt a new inflation adjustment that’s even stingier than the current one?

Social Security benefits are already meager for most recipients. The median income of Americans over 65 is less than $20,000 a year. Nearly 70 percent of them depend on Social Security for more than half of this. The average Social Security benefit is less than $15,000 a year.

Besides, Social Security isn’t in serious trouble. The Social Security trust fund is flush for at least two decades. If we want to ensure it’s there beyond that, there’s an easy fix — just lift the ceiling on income subject to Social Security taxes, which is now $113,700.

Why are Democrats even suggesting the inflation adjustment be reduced? Republicans aren’t asking for it. Not even Paul Ryan’s draconian budget includes it.

Democrats invented Social Security and have been protecting it for almos 80 years.They shouldn’t be leading the charge against it.

“The Case Against Chained CPI”The White House and prominent...

“The Case Against Chained CPI”

The White House and prominent Democrats are talking about reducing future Social Security payments by using a formula for adjusting for inflation that’s stingier than the current one. It’s called the “Chained CPI.” I did this video so you can understand it — and understand why it’s so wrongheaded. 

Even Social Security’s current inflation adjustment understates the true impact of inflation on the elderly. That’s because they spend 20 to 40 percent of their incomes on health care, and health-care costs have been rising faster than inflation. So why adopt a new inflation adjustment that’s even stingier than the current one?

Social Security benefits are already meager for most recipients. The median income of Americans over 65 is less than $20,000 a year. Nearly 70 percent of them depend on Social Security for more than half of this. The average Social Security benefit is less than $15,000 a year.

Besides, Social Security isn’t in serious trouble. The Social Security trust fund is flush for at least two decades. If we want to ensure it’s there beyond that, there’s an easy fix — just lift the ceiling on income subject to Social Security taxes, which is now $113,700.

Why are Democrats even suggesting the inflation adjustment be reduced? Republicans aren’t asking for it. Not even Paul Ryan’s draconian budget includes it.

Democrats invented Social Security and have been protecting it for almos 80 years.They shouldn’t be leading the charge against it.

WHY THE CHAINED-CPI FOR SOCIAL SECURITY IS A TERRIBLE IDEAThe...

WHY THE CHAINED-CPI FOR SOCIAL SECURITY IS A TERRIBLE IDEA

The White House and prominent Democrats are talking about reducing future Social Security payments by using a formula for adjusting for inflation that’s stingier than the current one. It’s called the “Chained CPI.” I did this video so you can understand it — and understand why it’s so wrongheaded. 

Even Social Security’s current inflation adjustment understates the true impact of inflation on the elderly. That’s because they spend 20 to 40 percent of their incomes on health care, and health-care costs have been rising faster than inflation. So why adopt a new inflation adjustment that’s even stingier than the current one?

Social Security benefits are already meager for most recipients. The median income of Americans over 65 is less than $20,000 a year. Nearly 70 percent of them depend on Social Security for more than half of this. The average Social Security benefit is less than $15,000 a year.

Besides, Social Security isn’t in serious trouble. The Social Security trust fund is flush for at least two decades. If we want to ensure it’s there beyond that, there’s an easy fix — just lift the ceiling on income subject to Social Security taxes, which is now $113,700.

Why are Democrats even suggesting the inflation adjustment be reduced? Republicans aren’t asking for it. Not even Paul Ryan’s draconian budget includes it.

Democrats invented Social Security and have been protecting it for almos 80 years.They shouldn’t be leading the charge against it.

“WHY THE CHAINED-CPI FOR SOCIAL SECURITY IS A TERRIBLE...

“WHY THE CHAINED-CPI FOR SOCIAL SECURITY IS A TERRIBLE IDEA.”

The White House and prominent Democrats are talking about reducing future Social Security payments by using a formula for adjusting for inflation that’s stingier than the current one. It’s called the “Chained CPI.” I did this video so you can understand it — and understand why it’s so wrongheaded. 

Even Social Security’s current inflation adjustment understates the true impact of inflation on the elderly. That’s because they spend 20 to 40 percent of their incomes on health care, and health-care costs have been rising faster than inflation. So why adopt a new inflation adjustment that’s even stingier than the current one?

Social Security benefits are already meager for most recipients. The median income of Americans over 65 is less than $20,000 a year. Nearly 70 percent of them depend on Social Security for more than half of this. The average Social Security benefit is less than $15,000 a year.

Besides, Social Security isn’t in serious trouble. The Social Security trust fund is flush for at least two decades. If we want to ensure it’s there beyond that, there’s an easy fix — just lift the ceiling on income subject to Social Security taxes, which is now $113,700.

Why are Democrats even suggesting the inflation adjustment be reduced? Republicans aren’t asking for it. Not even Paul Ryan’s draconian budget includes it.

Democrats invented Social Security and have been protecting it for almos 80 years.They shouldn’t be leading the charge against it.

What Immigration Reform Could Mean for American Workers, and Why the AFL-CIO Is Embracing It

Their agreement on is very preliminary and hasn’t yet even been blessed by the so-called Gang of...

Why Politicians Are Sensitive to Public Opinion on Same-Sex Marriage, Immigration, and Guns, But Not on the Economy

Who says American politics is gridlocked? A tidal wave of politicians from both sides of the aisle...

The Morality Brigade

We’re still legislating and regulating private morality, while at the same time ignoring the much...

Selling the Store: Why Democrats Shouldn't Put Social Security and Medicare on the Table

Prominent Democrats — including the President and House Minority Leader Nancy Pelosi —...