On Wednesday, Senators Tom Harkin (D-IA) and Bernie Sanders (I-VT) introduced a resolution opposing a switch to the chained CPI for Social Security payments. This comes as some Democrats in the House are also showing opposition to the idea.
The chained CPI is a more accurate measure of inflation that has bipartisan support. It can help reduce the deficit over the long term using both sides of the budget while also strengthening the finances of Social Security.
President Obama included it in his recent budget proposal as a means to encourage compromise with Republicans on a comprehensive deficit reduction plan. Achieving a bipartisan package that puts the U.S. on a sound financial course will require putting everything on the table. It is unproductive and irresponsible to take options off the table. As Fix the Debt said in a statement:
Reaching agreement on a comprehensive debt deal will require consideration of all options and compromises by both sides, and taking proposals off the table makes a deal harder. Chained CPI is a technical change that would help improve the budget situation and strengthen Social Security, and it has the support of President Obama as well as experts across the country. It is irresponsible and counterproductive to take a common sense and bipartisan option off the table.