A flawed policy initiative called the Chained CPI is gaining steam in Washington budget talks that would shortchange Delawareans who receive federal benefits such as Social Security and federal annuities by low balling their annual cost-of-living adjustments (COLAs).
Chained CPI supporters have tried to minimize the consequences it will have on seniors, retired federal employees, and veterans by calling it a "technical adjustment" or "better measure of inflation."
When you cut through the rhetoric, the truth is that the Chained CPI is only an adjustment in that it means smaller COLAs each year. It hurts every American - particularly our most vulnerable - in a major way that worsens over time.
How would the switch to the Chained CPI hurt an American citizen who receives the average $15,000 annual Social Security benefit? Over 25 years, Chained CPI would rob the senior of more than $23,000.
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. Over 25 years,
the average federal retiree would see a loss of $48,000.
I urge lawmakers 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.
Roberta Zeoli
Milton
-
A letter to the editor expresses a reader's opinion and, as such, is not reflective of the editorial opinions of this newspaper.
To submit a letter to the editor for publishing, send an email to newsroom@capegazette.com. Letters must be signed and include a telephone number and address for verification. Please keep letters to 500 words or fewer. We reserve the right to edit for content and length. Letters should be responsive to issues addressed in the Cape Gazette rather than content from other publications or media. Only one letter per author will be published every 30 days. Letters restating information and opinions already offered by the same author will not be used. Letters must focus on issues of general, local concern, not personalities or specific businesses.
