Learn more about our policy experts.

Media Contacts

Angela Bradbery, Director of Communications
w. (202) 588-7741
c. (202) 503-6768
abradbery@citizen.org, Twitter

Don Owens, Deputy Director of Communications
w. (202) 588-7767

David Rosen, Press Officer, Regulatory Affairs
w. (202) 588-7742

Other Important Links

Press Release Database
Citizen Vox blog
Texas Vox blog
Consumer Law and Policy blog
Energy Vox blog
Eyes on Trade blog

Follow us on Twitter


Dec. 18, 2012

Social Security Proposal for Fiscal Cliff Misses Obvious: Tax Wall Street, Not Grandma

Statement by Robert Weissman, President, Public Citizen

It appears the White House is ready to ship senior citizens down a river.

According to credible press reports, the White House is considering the idea of changing the way Social Security benefit increases are indexed to inflation. The Obama administration is proposing calculating inflation adjustments according to the “chained” consumer price index (CPI), which considers modifications in consumer spending as the prices of goods and services fluctuate, instead of calculating inflation adjustments according to the consumer price index (CPI) for wage and clerical workers, as is the current practice.

Don’t let the wonkiness of this policy proposal fool you. In real terms, this change would mean cuts to current Social Security beneficiaries, and it would amount to huge cuts over time.

It is profoundly immoral that the administration is entertaining this conversation when it could generate far more revenue with a financial speculation tax on Wall Street. Even a very modest speculation tax would raise more than $350 billion over 10 years – that’s more than three times the amount that is gained from the proposed tampering with Social Security benefits.

By now it’s not surprising that the Obama administration seems comfortable putting Wall Street’s interests ahead of Main Street’s. But the fact that the White House appears ready and willing to harm our seniors before considering adopting a financial speculation tax is truly deplorable.

Copyright © 2017 Public Citizen. Some rights reserved. Non-commercial use of text and images in which Public Citizen holds the copyright is permitted, with attribution, under the terms and conditions of a Creative Commons License. This Web site is shared by Public Citizen Inc. and Public Citizen Foundation. Learn More about the distinction between these two components of Public Citizen.

Public Citizen, Inc. and Public Citizen Foundation


You can support the fight for greater government and corporate accountability through a donation to either Public Citizen, Inc., or Public Citizen Foundation, Inc.

Public Citizen lobbies Congress and federal agencies to advance Public Citizen’s mission of advancing government and corporate accountability. When you make a contribution to Public Citizen, you become a member of Public Citizen, showing your support and entitling you to benefits such as Public Citizen News. Contributions to Public Citizen are not tax-deductible.

Public Citizen Foundation focuses on research, public education, and litigation in support of our mission. By law, the Foundation can engage in only very limited lobbying. Contributions to Public Citizen Foundation are tax-deductible.