Schakowsky Statement on President Obama's Decision on Chained CPI

February 20, 2014
Press Release

Washington, D.C.– This week, Congresswoman Jan Schakowsky joined 117 of her colleagues in asking that President Barack Obama reject the chained CPI in his budget recommendations.  Last year, Schakowsky organized a letter – signed by more than half of the Democratic Caucus – expressing opposition to the chained CPI. Today President Obama has officially announced that he is taking chained CPI off the table in his Fiscal Year 2015 budget.

“I commend President Obama for his decision to send up a budget that leaves out the chained CPI.  I have been a vigorous opponent of the use of the chained CPI – which would reduce already modest Social Security benefits, creating real hardship for millions of retirees who rely on their earned benefits for the vast majority of their income. As I have often argued, Social Security has nothing to do with the national debt, and we should not reduce the earned benefits of seniors in order to cut the deficit. This Republican-originated idea is bad for seniors, disabled workers, children and families who rely on Social Security, as well as veterans and federal retirees who would also have their benefits cut.” 

“The idea that we should balance our budget on the backs of seniors, the most vulnerable, or the men and women who have served our country is a horrific fiscal strategy. Instead, we should close unfair and unneeded corporate tax loopholes in order to reach a more balanced budget that allows us to invest in jobs, infrastructure, education, and training for our fellow Americans.”