Cutting Social Security by chained CPI is bad policy AND bad politics. It would betray your campaign pledge not to cut Social Security benefits. Chained CPI would unjustly cost retirees thousands of dollars of earned benefits. Social Security has overwhelming popular support. The Senate voted unanimously in favor of Sen. Sanders motion to oppose chained CPI and any other cuts in Social Security. George W. Bush 's attempt to cut Social Security damaged the remainder of his presidency. Social Security does not contribute to the deficit, which was caused by Bush's tax cuts for the rich, unfunded wars, and the financial crisis caused by greedy, deregulated bankers. The deficit is already falling so fast that many thousands of jobs are being lost due to the negative stimulus. Social Security will be able to pay full benefits for over 20 years even under conservative assumptions. Any future shortfalls in the program can be more equitably paid for by raising the cap on income subject to the FICA tax. If you include cuts in your new budget proposal, the discredited GOP will take that as a sign of weakness and escalate their unreasonable demands, as they have done every time you made preemptive concessions. They will shamelessly use it in the next election, as they used Medicare in 2010.
There is a time to compromise and a time to stand up to bullies. This is a time to stand up. Peter Peterson and Grover Norquist will not support you even if you betray your constituents. Shame on you!