New Report Finds Social Security Cuts Proposed in Obama Budget Will be Devastating to African Americans

The Chained CPI: Increasing Economic Inequality for African AmericansThe Center for Global Policy Solutions released a report that finds President Obama’s proposal to base the Cost of Living Adjustment (COLA) for Social Security, veteran’s benefits and other retirement programs on the chained consumer price index (chained CPI) will widen income and wealth inequality seen among African Americans.

The Chained CPI: Increasing Economic Inequality for African Americans finds that COLA decreases resulting from the chained CPI will disproportionately harm African Americans, who have dramatically fewer sources of wealth to draw upon compared to whites and are, therefore, more heavily reliant on federally-issued benefits. Continue reading