WASHINGTON — Congressional Democrats, led by House Minority Leader Nancy Pelosi (Calif.), signaled greater willingness on Wednesday to cut Social Security benefits, with the party now considering a change to the way inflation is calculated for recipients.
Pelosi told reporters on Capitol Hill that a cut proposed by President Barack Obama in the fiscal cliff negotiations would in fact “strengthen” the program, echoing the claims often made by Republicans about entitlement programs they want to slash.
Her remarks come a day after she said that liberals in Congress who are unhappy with Obama’s concession to the GOP would nevertheless support them.
The cut involves swapping out the traditional method for calculating cost of living increases, based on the current standard for measuring inflation, for something called a chained CPI, or chained Consumer Price Index.
The chained CPI works by assuming that when the price of a product, such as beef, gets too high, consumers don’t keep paying the higher prices. Instead, the model predicts they will switch to something cheaper, such as chicken, keeping their cost of living lower and leading to a lower rate of inflation, as measured by the chained CPI. The lower rate of inflation would mean a downward adjustment in cost of living, and thus stingier benefits.
The cuts would start small, but wind up costing beneficiaries thousands of dollars over time, which is why Democrats have traditionally fought the idea.
But Pelosi wrapped both her arms around it Wednesday, insisting she does not regard it as a “cut.”
“No, I don’t,” she told reporters. “I consider it a strengthening of Social Security, but that’s neither here nor there.”
“Neither here nor there” Hmmm is it just me or didn’t we just come off a presidential election where the right was demonized for supposedly wanting to cut SSI and Medicare? Now it seems like the thing to do, the Demonizer & Chief is now willing to cut SSI and Medicare in order to raise taxes on the rich another trillion a year. Now this probably won’t float any better than a rock but I thought it was a great time to show that the President will throw seniors under the bus to get money, to squeeze the rich a bit more so he can continue to spend, spend, spend. A match made in heaven Pelosi supporting the hypocrite.