Dear Mrs. Maples Cole, Thank you for taking the time to contact my office regarding your opposition to proposals to alter how the government measures inflation. Your input is important to me, and I appreciate the time you took to share your thoughts. I am deeply concerned about the dire fiscal situation of the United States government and the need to reduce spending. Last year alone we added $1.1 trillion of debt, causing the nations borrowing to reach 105% of our GDP. Massive annual deficits are projected for years to come unless we drastically change the spending habits in Washington. I also believe that it is critically important that we reform Social Security and Medicare to ensure that the programs will continue to be there for future generations. Millions of Americans rely on Social Security benefits to meet their financial needs, and millions more depend on Medicare to cover their healthcare costs. The Trustees Reports for these programs clearly and consistently show that Social Security and Medicare are not sustainable without reform. These programs face significant long-term financial shortfalls and we must thoroughly review detailed options to solve the problem. As part of reforming Social Security, I have been a long-time supporter of moving to the so-called chained Consumer Price Index (CPI) method of measuring inflation. While I understand that you are opposed to chained CPI, I believe that people can have disagreements on important policy issues. The chained CPI provides a more accurate measurement of the value of the dollar by accounting for changes in consumer habits. For this reason, it was one of the common sense suggestions made by the bipartisan Simpson-Bowles commission. In some years, this may result in a lower cost-of-living adjustment (COLA) than under the current methodology. However, in other years chained CPI may result in a higher COLA than the current methodology. Switching to chained CPI would help ensure that the Social Security Trust Fund will be financially stronger for seniors now and for future generations. I have introduced S.11, the Fiscal Sustainability Act, to reform Medicare, Medicaid, and Social Security. This proposal would enact a number of reforms, including chained CPI, that would place these critical programs on a fiscally sustainable path. Enacting these changes will help Congress honor the commitments we have made to seniors while helping to solve our fiscal issues so that young people in our country are not saddled with debt and robbed of their opportunity for the American dream. This bill would put our country on firmer financial footing and begin to vanquish our long-term deficit. I believe that our countrys battle with spending is the struggle of the decade, and will continue to work with my colleagues in the Senate to make real progress in this struggle. The insight and information you have provided will help my staff and me look more effectively into this issue, and I thank you for your input. Thank you again for your letter. I hope you will continue to share your thoughts with me as I serve you in the United States Senate. Sincerely, Bob Corker United States Senator
Posted on: Tue, 12 Nov 2013 16:08:03 +0000
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