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    • A word on Abenomics, QE and doing Stimulus right
      Quantitative Easing, to put it simply, no matter what form you do it in, is only marginally effective. Most of the money goes to the rich, you may or may not get a technical win in GDP, and in many cases the money may flow out of the country. If you want to improve the [...]
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Senator Menendez hedges on the Chained CPI

Here is the response I got from him following the email I sent the other day.  Menendez is a pretty liberal guy so if this is the best he can do, we’re screwed.

There are two things that Menendez should keep in mind. 1.) If in doubt, ask the actuaries for the data.  Modeling the numbers is not difficult.  Then you will be able to see if there is a cut and how big it is. 2.) Think about the generation that is between 45-55 years old.  We worked our asses off for this country with fewer days off or retirement compensation than most developed countries. Imposing a Chained CPI on us would be like an American version of a sumptuary law, forcing us to forgo goods and services we had planned on acquiring when we retired.  If we had known 30 years ago that a bunch of hard ass Republicans and media pundits would sacrifice us in order to keep their Bush tax cuts, we would have never put up with the surplus payroll tax.  It’s fraudulent to change the rules now.

We’re not stupid enough to believe this is going to strengthen anything, especially social security.:

Dear Ms. X:

Thank you for contacting me to express your opposition to the use of the Chained Consumer Price Index (C-CPI-U).  Your opinion is very important to me, and I appreciate the opportunity to respond to you about this important issue.

As you know, the Consumer Price Index (CPI) is a very important measure of inflation used by the federal government.  The current CPI does not take into account the changes in consumer spending patterns as consumers substitute more expensive goods for similar less expensive goods.  To get an alternative estimate of the effect of consumer substitution, the Bureau of Labor Statistics created the C-CPI-U for consumers, which reflects changes both in prices and the composition of consumer purchasing habits.

While the C-CPI-U may calculate a more accurate estimate of inflation that consumers face, some are concerned that this change will have the effect of reducing future Social Security benefits if it is used to calculate the annual cost-of-living adjustments.

I have not taken a position on this specific issue, but rest assured that I will keep your views in mind. I strongly believe that we must protect and strengthen Social Security because it is the main source of retirement income for millions of seniors.  Social Security benefits provide essential financial security to our nation’s seniors.  Rest assured, as I have done throughout my career, I will continue fighting to keep Social Security strong for generations to come.

Again, thank you for sharing your thoughts with me.  Please do not hesitate to contact me once again if I can be of further assistance.  I invite you to visit my website (http://menendez.senate.gov) to learn more about how I am standing up for New Jersey families in the United States Senate.

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