ST. LOUIS (KMOX) – A few dozen seniors wielding umbrellas, stood on the sidewalk and unfurled a soggy chain made of colored construction paper in the rain outside the Eagleton Federal Courthouse, on Tuesday, to protest connecting Social Security cost-of-living increases to chained Consumer Price Index, or a lower-inflation version of the CPI.
“We’re protesting the government trying to cut our Social Security by figuring the cost-of-living on a chained CPI, which will reduce the cost-of-living increases for all present and future social security participants,” says David Meinell as the protester grasped his umbrella.
Meinell says it is a version of the Consumer Price Index that is slower than inflation, and could cost a senior $800 over ten years.
“It’s very difficult to make ends meet when you’re a low-income senior, and while Social Security was not established to be a main source of income, for many of us it is,” says Barbara Woodruff, who participated in the protests.
The Missouri Alliance for Retired Americans estimates that Social Security benefits would be cut by a percent-and-a-half if the chained CPI plan is implemented.