A woman broke into tears at a town hall event with Sen. Tom Harkin (D-IA) during a discussion about President Barack Obama’s plan to reduce Social Security cost of living increases.
Throughout this year, the White House has been considering adopting what’s known as chained CPI, a less generous way of calculating Social Security cost-of-living increases that assumes seniors will change their buying habits as certain items become more expensive.
Compared with the current model, advocacy group Social Security Works has said that a person who began drawing Social Security at the age of 62 would be receiving 7.32 percent less in benefits per year by the age of 88 under chained CPI.
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