The 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.
A recent presentation, Strengthening Social Security…by Modernizing the System, given by Wilhelmina A. Leigh, Senior Research Associate at the Joint Center for Political and Economic Studies explores options for strengthening Social Security using strategies developed by the Commission to Modernize … Continue reading →
Leticia Miranda, Senior Policy Advisor, Economic Security Policy, NCLR, writes in a recent blog:
“In the lead-up to yet another manufactured budget crisis, the president has once again put harmful cuts to Social Security on the table. Back in December, in his failed attempt to entice House Republicans to agree to more taxes, he offered cuts that would cost $112 billion in benefits to people relying on Social Security over the next ten years. Survey after survey show that Americans don’t support cutting our Social Security system, so why do our leaders keep trying to gut the foundation of retirement security in America?”
“Not only does Social Security represent a greater share of black and Hispanic income, but black and Hispanic beneficiaries tend to be younger than white beneficiaries, with a greater likelihood of receiving disability and survivor benefits (see previously cited tables and this Social Security Administration fact sheet). Disabled beneficiaries and others receiving benefits over long periods face the steepest cuts from the proposed COLA cut. Among retirees, the worst hit will be women across racial and ethnic groups as well as Hispanics, due to longer life expectancies.” Continue reading →
“As my colleagues have shown, the “chained” cost-of-living adjustment for Social Security being discussed between President Obama and House Speaker John Boehner is a cut to benefits. The AARP Public Policy Institute’s report, Social Security: A Key Retirement Income Source for Older Minorities, helps us to think about how this cut might affect different racial groups.”