Members of congress began their latest budget talks Wednesday as they look for ways to cut spending and the national deficit.
One of the proposals Americans are likely to see is a change in the way the government measures inflation, moving from the long-standard consumer price index to something called chained CPI (the Washington Post explained the concept here).
An Indiana advocacy group joined dozens of rallies across the state and country against a proposed change to Social Security it says will cut benefits for seniors.
A proposed change in the House Republican budget in Congress would tie Social Security’s cost-of-living adjustments to what’s called chained CPI, a measure of the Consumer Price Index.
It’s a move aimed at helping reduce the ballooning national debt. But seniors groups like the Indiana Alliance for Retired Americans say chained CPI could cost seniors as much as six thousand dollars in benefits over 15 years.
State lawmakers say legislation moving through the General Assembly will strengthen Indiana’s consumer protection efforts of senior citizens. Both legislators and the Attorney General say they’ve found a gap in the law they hope the bill will address.
Last year, the number of consumer complaints of financial exploitation received by Attorney General Greg Zoeller’s office increased by more than 9% among Hoosiers age 55 and older. And with the average age of Hoosiers on the rise, Zoeller says he’s expecting that number to continue to increase.