From National Women's Law Center, from WH transcript..about Chained CPI.

[madfloridian]

23. Yes, benefits will be reduced and the cost of stuff won't.

Here's a good article from Huff Post's Daniel Marans.

Ten Reasons Why the Chained CPI Is Terrible Policy
http://www.huffingtonpost.com/daniel-marans/social-security-fiscal-cliff_b_2363997.html

Here are the first four listed. Note how very hard it would be to pick out which ones are the most needy and then exempt them.

Now that Christmas is over, President Obama and Speaker Boehner will soon resume talks to cut Social Security as part of a deal to avert the fiscal cliff. Here are 10 reasons why the chained CPI -- the Social Security cut they are considering -- is terrible policy.

....1. Chained CPI is a significant benefit cut that compounds over time, hitting late old-age beneficiaries and the long-time disabled hardest. For a worker with average earnings retiring at age 65 in 2015, chained CPI would cut benefits $653 a year (3.7 percent) at age 75, $1,139 a year (6.5 percent) at age 85 and $1,611 a year (9.2 percent) at age 95.

2. Chained CPI hits current beneficiaries. Even Paul Ryan tried to hold people ages 55 and older harmless from his plan to privatize Medicare (and Social Security before that). Seriously. Check out page 52 of his 2013 budget, and every speech he ever gave on the topic. The theory is, if you're gonna burn people, give them some time to adopt a Spartan lifestyle for several years so they can make up for the lost pension money in time for retirement.

3. Chained CPI cuts benefits for veterans. At least 771,000 veterans receive both Social Security and VA disability benefits. Under chained CPI, both would be cut. A fully disabled veteran claiming benefits at age 30 in 2012 would see a cut in VA benefits alone of $1,425 a year (4.3 percent) at age 45, $2,341 a year (7 percent) at age 55, and $3,231 a year (9.7 percent) at age 65.

4. Chained CPI cuts benefits for the indigent elderly and disabled on Supplemental Security Income (SSI). Do I need to add detail here? These are the poorest of the poor.