Obamas proposal on benefits
President Barack Obama wants to use a different way of calculating inflation-based increases for benefits that go to Social Security recipients, along with some veterans and their survivors. The lower rate would have a compounding impact, so that the gap in benefits produced by using the current inflation rate vs. applying his proposed one would grow over time:Current inflation rate used: 1.7 percent.
Average Social Security retirement benefit decrease: $36 per year in 2014, $360 per year in 2023.
Number of people affected: 57 million Social Security recipients, 8.6 million veterans.
Amount of money saved: $268 billion, minus $15 billion to protect the very poor, old and disabled.
Decrease in growth of Social Security trust funding gap from 2014 to 2023: 18 percent.
Sources: Obama budget plan, Congressional Budget Office, Social Security Administration, Bureau of Labor Statistics
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