2015: Schweikert Voted To Institute The Chained CPI Which Would Result In Decreased Veterans Pensions Benefits And Disability Benefits As Part Of The FY 2016 Republican Study Committee Budget Resolution. In March 2015, Schweikert voted for instituting the Chained-CPI. According to the Republican Study Committee, "This budget proposes to begin using the more accurate measure for inflation, chained CPI, saving the taxpayers $220 billion in total over the next ten years." The underlying budget resolution would have, according to Congressional Quarterly, "provide[d] for $2.804 trillion in new budget authority in fiscal 2016, not including off-budget accounts. The substitute would call for reducing spending by $7.1 trillion over 10 years compared to the Congressional Budget Office baseline." The vote was on the substitute amendment to a Budget Resolution. The House rejected the amendment by a vote of 132 to 294. [House Vote 138, 3/25/15; Republican Study Committee, FY 2016 Budget; Congressional Quarterly, 3/25/15; Congress.gov, H. Amdt. 83; Congressional Actions, H. Con. Res. 27]
- AARP: Moving To The Chained CPI Would Result In Reduced Benefits Over Time For Veterans. According to the AARP, "Most benefit programs affecting retired and disabled veterans, and their dependents and survivors, are indexed to price inflation. Linking these benefit amounts to the chained CPI-U would reduce the growth in benefits.6 Veterans are more likely than other groups to experience the long-term impact of cumulative COLA reductions. Many veterans are eligible to claim Military Retirement pensions by age 50, after having met the requirement for 20 years of service. These veterans could experience the effects of a reduced COLA over several decades.7 Many retired and disabled veterans also receive Social Security benefits, and could experience the chained CPI-U's impact twice. A severely disabled, unmarried veteran who claims Veterans Disability Compensation (VDC) benefits at age 30 in 2013 would be entitled to benefits of about $2,816 per month, or $33,792 per year. This veteran would experience benefit cuts (in real terms) of $121 per month by age 45 (a cut of 4.3% compared to current law), $274 per month by age 65 (a 9.7% cut), and $418 per month by age 85 (a cut of 14.8%). The cumulative cut to this veteran's benefits would be $60,121 by age 65 and $144,189 by age 85." [AARP, Accessed 3/10/16]