The White House plan to cut Social Security benefits has been praised by major media as a brave move towards the "middle" by Obama, as well as an effort to use a more "accurate" measure of inflation. Neither claim is credible. Part of the White House plan is to change how inflation is calculated, by switching to the "chained consumer price index." This results in a small reduction in benefits that compounds over time, so the cuts get larger as retirees get older. Many in the media depicted this as a bold centrist move. An Associated Press dispatch (4/5/13) began: […]
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