To the editor:
There’s a budget proposal on the table — the chained consumer price index — that would cut over $623 million from Granite Staters’ Social Security and veterans’ cost-of-living adjustments over the next 10 years.
The average Social Security retirement benefit in New Hampshire is $14,700, and Social Security is the only source of income for almost three in 10. One in five residents receives Social Security and more than one-third would be living in poverty without benefits. Adoption of the chained CPI would hurt current recipients who depend on this income.
Social Security will likely be even more important to future generations. Due to stagnating income, escalating personal debt and rising costs for education and health care, workers today are less likely than their parents or grandparents to enjoy the living standards of their working years when they retire. If these trends continue, Social Security could be the main source of income for all but the wealthiest retirees in the future.
We need Congress to focus on finding responsible solutions to address our nation’s budget challenges. Let’s have a separate, national conversation about how to protect this bedrock of financial security for today and tomorrow.
AARP New Hampshire