Obama has proposed to calculate current cost of living prices using chain weighted CPI, which grows at a slower rate than inflation. Although only a small decrease the first year, basing the costs off of chain weighted CPI could have seniors losing thousands of dollars in the coming years. Social security makes up at least 90% of income for one-third of recipients, so these changes can lead to serious problems. If Obama's proposal passes, some social security recipients are thinking of going back to work, asking family members for support, and getting rid of their cars. Seniors are upset because Obama is going back on his promise to seniors not to touch social security. Many don't realize how little social security recipients actually get. The average monthly check is $1,262 for all seniors, which is close to nothing. This is a critical proposition from Obama in the lives of seniors.
http://money.cnn.com/2013/04/11/news/economy/social-security-chained-cpi/index.html?iid=SF_E_River
The social security system is a very flawed system and is not going to work in the long run. We have known this for a long time as it was never ment to be a permeant thing. Something will have to be done to reform it, that being said I am not sure if Obama's plan is a good idea or not.
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