As it is the plan is to cut social security benefits by 25% when the trust funds are spent.

[dawg]

43. Those long-term trust fund forecasts have proven frightfully inaccurate ...

in the past. I think it would be foolish to accept benefit cuts now because there *might* be a 23% shortfall come 2033.

Furthermore, it makes little sense to make adjustments through COLA's. Once someone is locked into a benefit, forcing them to live on less and less each year is just cruel. If you are going to cut benefits, it would make far more sense to tweak the initial benefit calculation. Then, give honest cost of living increases on the reduced benefit amount. That way, seniors could at least maintain their scaled-back lifestyles. (Not that I am in favor of benefit cuts at all, but it just makes more sense to adjust the initial benefit rather than to lie about the inflation rate.)

Most chained CPI proposals also apply the new rates to income tax brackets, resulting in a stealth tax increase each year - except, of course, for income that was already being taxed at the maximum rate.

Georgia used to have a very progressive income tax. The brackets, however, were never adjusted for inflation, so the maximum rate now applies to tycoons making $20,000 a year.