Sen. Tim Johnson of

Sen. Tim Johnson of South Dakota: “The scheme adjusts benefit levels based on consumer price indexing rather than wage indexing. This would leave beneficiaries with a smaller annual cost of living adjustment, or COLA, at a time when Medicare premiums are skyrocketing at nearly 17 percent per year. These changes and the resulting benefit cuts would apply to everyone, even people who chose not to set up a private account. Such a plan essentially results in a steep ‘retirement tax’ on all seniors. Such a plan is not ‘reform’ and it will not ‘strengthen’ Social Security.”