Standing by his commitment to strengthen Social Security and keep our country's promise to seniors and workers, U.S. Senator Mark Begich was pleased that President Barack Obama announced today he would abandon Chained CPI in his 2014 budget --a misguided proposal that over time would cut cost of living adjustments to Social Security payments for seniors.
"Chained CPI was a flawed proposal from the start and I'm glad the President has finally realized what I have been saying all along: Social Security doesn't add a dime to the deficit and we shouldn't be penalizing seniors and those who need it the most," said Begich. "My bill provides seniors with the security they need and deserve by creating a more fair and balanced system. With this damaging plan behind us, It's time to move ahead with serious, common-sense fiscal planning for our nation's future."
Begich opposes chained CPI and has pushed his own common sense bill to make Social Security solvent by approximately 75 years and lift the cap on contributions. Begich's bill, the Protecting and Preserving Social Security Act, also increases benefits for seniors and people with disabilities by calculating cost-of-living increases using chained CPI-E, a formula specifically tailored to seniors to more accurately measure the costs of goods and services seniors actually buy.