Rep. Takano Releases Statement on President Obama Dropping Chained CPI from Budget Proposal

Washington DC – Earlier today, Rep. Mark Takano (D-CA) released the following statement after it was reported that President Obama was no longer offering to lower Social Security cost-of-living increases by chaining it to the consumer price index:

 

“One of the promises that I made when I came to Congress last year was to oppose any cuts to Social Security and Medicare. If implemented, chained CPI would cut seniors benefits by $650 a year by the time they reach 75, and more than $1,000 a year by the time they reach 85. I’ve always believed that Social Security and Medicare are sacred promises that we’ve made to our nations seniors and instituting a policy such as chained CPI would be a clear violation of those promises. 

 

“Despite what opponents say, Social Security is one of the most successful social programs ever implemented, as it has drastically reduced the number of seniors living in poverty and is on sound financial footing for decades. There is no reason for it, or Medicare, to be targeted. 

 

“With that said, I’m incredibly pleased to hear that President Obama has removed chained CPI from his latest budget proposal. We all agree that we must get our fiscal house in order, but it should not be on the backs of seniors and veterans through cuts to Social Security or Medicare. They have worked too hard and sacrificed too much to have the benefits that were promised to them taken away.”