Calculating Social Security benefits by using the chained CPI will reduce incomes for retirees. — Getty Images
Proposal on the table: Change method of calculating cost of living adjustments (COLA)
Right now, the president and Congress are considering a last-minute budget deal that would cut Social Security benefits, taking thousands of dollars of retirement income away from current beneficiaries. Moving to a chained consumer price index, would cut benefits by $127 billion over the next 10 years alone.
National Impact: Social Security beneficiaries would lose $127 billion over the next 10 years alone.
| State | Amount Beneficiaries Lose Over 10 years |
|---|---|
| Alabama | $2.27 Billion |
| Alaska | $0.18 Billion |
| Arizona | $2.62 Billion |
| Arkansas | $1.37 Billion |
| California | $11.76 Billion |
| Colorado | $1.67 Billion |
| Connecticut | $1.61 Billion |
| Delaware | $0.44 Billion |
| District of Columbia | $0.16 Billion |
| Florida | $9.04 Billion |
| Georgia | $3.44 Billion |
| Hawaii | $0.55 Billion |
| Idaho | $0.63 Billion |
| Illinois | $4.91 Billion |
| Indiana | $2.92 Billion |
| Iowa | $1.37 Billion |
| Kansas | $1.17 Billion |
| Kentucky | $1.95 Billion |
| Louisiana | $1.69 Billion |
| Maine | $0.65 Billion |
| Maryland | $2.10 Billion |
| Massachusetts | $2.70 Billion |
| Michigan | $4.94 Billion |
| Minnesota | $2.15 Billion |
| Mississippi | $1.28 Billion |
| Missouri | $2.68 Billion |
| Montana | $0.44 Billion |
| Nebraska | $0.72 Billion |
| Nevada | $1.00 Billion |
| New Hampshire | $0.63 Billion |
| New Jersey | $3.86 Billion |
| New Mexico | $0.79 Billion |
| New York | $8.03 Billion |
| North Carolina | $4.14 Billion |
| North Dakota | $0.26 Billion |
| Ohio | $4.95 Billion |
| Oklahoma | $1.58 Billion |
| Oregon | $1.73 Billion |
| Pennsylvania | $6.21 Billion |
| Rhode Island | $0.48 Billion |
| South Carolina | $2.19 Billion |
| South Dakota | $0.34 Billion |
| Tennessee | $2.88 Billion |
| Texas | $7.84 Billion |
| Utah | $0.78 Billion |
| Vermont | $0.30 Billion |
| Virginia | $3.06 Billion |
| Washington | $2.72 Billion |
| West Virginia | $1.00 Billion |
| Wisconsin | $2.58 Billion |
| Wyoming | $0.22 Billion |
| Nationwide | $127 Billion |
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