[Congressional Record (Bound Edition), Volume 159 (2013), Part 8]
[House]
[Page 11989]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    SOCIAL SECURITY AND CHAINED CPI

  (Mr. SWALWELL of California asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SWALWELL of California. Mr. Speaker, I have spoken to my 
constituents who are concerned about the viability of Social Security. 
They want big ideas and long-term solutions. Instead, there are 
solutions right now and proposals to switch to a chained CPI formula to 
calculate cost-of-living adjustments for Social Security beneficiaries 
to save money. This would reduce benefits and only extend Social 
Security solvency for 2 years.
  I do not support the use of chained CPI. It reduces the amount of 
Social Security checks, but not the rising cost of health care, water 
bills, or other fixed costs that seniors continue to face.
  The importance of Social Security is evident in the lives of millions 
of beneficiaries, including my own father and grandmother. It's an 
earned benefit that these hardworking Americans have paid into their 
entire lives. That's why I have signed on to House Concurrent 
Resolution 34 to express my clear opposition to this misguided 
reduction in benefits.
  But I don't stand here just to knock down ideas. Instead of reducing 
benefits through chained CPI, I believe we should raise the cap on 
payroll contributions. Currently, Social Security taxes are only 
collected on the first $113,000 of earnings. By raising the cap, we can 
extend Social Security solvency without cutting benefits.
  I urge my colleagues to join me in opposing chained CPI.

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