max richtman joins us now to discuss that.me inside "the war room." >> thanks for inviting me in to "the war room." >> michael: what is the simple layperson's explanation of the president's proposal? >> under current law, there's a formula that is used to measure inflation, and that is the measurement that is supplied to the cost of living adjustment for social security and veteran's benefits benefits for disabled federal, civilian retirees. that doesn't look at the market basket of goods that seniors rely on. so the current formula is flawed. so what is the answer from the white house? an even worse formula that will lower the cost of living adjustment over time, that is compounded, so the longer you live, the worse off you'll be in terms of keeping up with inflation. the chain cpi is not a tweak. it's not a minor adjustment. it's a dramatic cut in benefits that grows over time. >> michael: those cost of living adjustments, i remember when i first started working in politics, claude pepper was a congressman at that time and t