Retirees Have Been "Chained"

Social Security is tied to a cost-of-living index called the "Consumer Price Index".  This is the second year in a row there has been no Cost Of Living Adjustment (COLA) for Social Security.  Since COLA's were authorized by congress there has never been two years in a row with no increases in Social Security payments until this year.  We were told last fall by the Labor Department that  there would be no COLA for 2011.   We are not even three months into the second year with no COLA and guess what?  The Labor Department tells us they have created a new "special index".

"A special index created by the Labor Department to measure the actual cost of living for Americans hit a record high in February, according to data released Thursday, surpassing the old high in July 2008. The Chained Consumer Price Index, released along with the more widely-watched CPI, increased 0.5 percent to 127.4, from 126.8 in January."

The cost of living for Americans is now above where it was when housing prices were the highest in history, when stock prices were at a record highs, unemployment was non-existent compared to today's figures and consumer confidence was soaring. 

Only In America.

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