A policy initiative called the chained CPI that would shortchange Californians who receive federal benefits such as Social Security and federal annuities by lowballing their annual cost-of-living adjustments is gaining steam in Washington budget talks. Proponents have tried to minimize the consequences by calling it a “technical adjustment” or “better measure of inflation.”

The truth is that the chained CPI means smaller COLAs each year. It would reduce each COLA by 0.3 percent and hurt seniors in a major way that worsens over time. Seniors who receive the average $15,000 annual Social Security benefit would lose more than $23,000 over 25 years. Just think of how many coupons that senior would have to clip to make up for the loss of $23,000 over his/her retired years.

For many federal annuitants who don’t receive Social Security, the impact is even greater. It would reduce my annuity by $28,000 over the next 15 years. Over 25 years, the average federal retiree would see a loss of $48,000.

Please urge Sens. Dianne Feinstein and Barbara Boxer to reject the chained CPI and provide America’s seniors, retired veterans and public servants, and individuals with disabilities the income protection they have earned and deserve. Call Feinstein’s office in San Francisco at 415-393-0707. Call Boxer’s office in Sacramento at 916-448-2787.

Walter Bunter
Davis

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