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Jay Stamper on Social Security |
More than 580,000 South Carolinians over the age of 65 are Medicare beneficiaries, and more than 620,000 seniors benefit from Social Security. Without these programs, millions of America's elderly would live in poverty. By one estimate, Social Security alone lifts more than 14 million older Americans out of poverty.
I do not support privatizing Social Security. The program is safe for more than the next 20 years. We should use that time to consider modest changes that will extend its life for another generation of Americans. I would start by looking at changes that would not affect our seniors or those nearing retirement today, but in the long term would adjust Social Security contributions and benefits for the wealthiest Americans.
First, adopting the Chained CPI is the wrong prescription for our economy. If the proposal is adopted, the total disposable income of millions of Americans will be slashed, reducing the consumer spending that our economy relies on to create jobs.
Second, implementing the Chained CPI is simply the wrong thing to do. It will hurt retirees, veterans, and those receiving disability or social security who depend on the existing Consumer Price Index to keep up with the rising cost of healthcare. Under the Chained CPI, these Americans will find it more and more difficult to afford the medical care they need just to survive.
Please join me in calling on the President and members of Congress to take this bad idea off the table.