Bankrate: Obama drops chained CPI plan

By Jennie L. Phipps

Nancy Altman, co-director of Social Security Works, an organization whose mission is to protect Social Security, said this was the right thing to do. “We should be talking about expanding Social Security, not cutting it,” she added. “The president is moving in the right direction. We think cutting Social Security would increase wealth inequality and worsen the impending retirement crisis.”

The office of House Speaker John Boehner, R-Ohio, criticized President Barack Obama’s decision, stating, “This reaffirms what has become all too apparent: The president has no interest in doing anything, even modest, to address our looming debt crisis.”

Read More