This week, President Obama proposed to reduce the national deficit by adopting a new formula for adjusting for inflation in Social Security payments. Robert Reich points out that it would be “stingier than the current one.” Frankly, it would destroy Social Security over the next two decades as prices for goods and services rose and the program wasn’t allowed to keep up.

The formula used to tally the payments is known as the “Chained CPI.” The CPI (consumer price index) is used to include the costs of goods and services that pension recipients purchase.

— Posted by Alexander Reed Kelly.

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#barack obama#budget#chained cpi#deficit#robert reich#social security#video