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AARP: Take Social Security Changes Off the Table For Debt Reduction

June 22, 2011
Contact: Media Relations
(202) 434-2560

AARP: Take Social Security Changes Off the Table For Debt Reduction

WASHINGTON – AARP CEO A. Barry Rand offered the following statement on possible debt and deficit reduction proposals that include the adoption of superlative or chained Consumer Price Index (CPI) that would impact Social Security and other benefits:

“Let me be clear –AARP will not accept any cuts of any kind to Social Security as part of a deal to pay the nation's bills, and specific proposals such as the chained CPI should not be considered as part of the debt ceiling or deficit reduction negotiations.

“Any discussion around proposals that would impact Social Security must only happen in the context of strengthening retirement security, not balancing the budget. Throughout the debt ceiling debate, AARP is committed to fighting to protect Social Security for today’s seniors and strengthening it for future generations.

“It is important to remember that Social Security is currently the principal source of income for nearly two-thirds of older American households receiving benefits, and roughly one third of them depend on Social Security benefits for nearly all of their income. In addition, over the last two years, Social Security beneficiaries have not seen any increase in their monthly checks, even as they have faced rising costs in health care and other basic necessities. As the chained CPI would result in a lower cost-of-living adjustment (COLA) each year, reducing the COLA even by a small amount is a harmful cut for many retirees.

“Social Security is a critically important issue for our members, their families and Americans of all ages, especially at a time when many will have less retirement security than previous generations with fewer pensions, less savings and rising health care costs. Now is not the time to accept any changes to Social Security as part of a deal to reduce the deficit. AARP will continue to protect this bedrock of lifetime financial security for all generations of Americans.”

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About AARP
AARP is a nonprofit, nonpartisan organization with a membership that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

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