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Congressman Paul Tonko (D-NY) today slammed an announcement from the Social Security Administration (SSA) that the annual cost of living adjustment (COLA) for more than 70 million Social Security beneficiaries – most of them senior citizens – would be a meager 1.7 percent. The announcement marks the third consecutive year in which the increase was less than 2 percent.

Social Security beneficiaries saw no COLA increase in 2010 and 2011. Additionally, basic checking and savings accounts senior citizens have tried to build for retirement accrue the lowest interest rates seen in years.

“Social Security is a pledge to hard working Americans that they will retire with the dignity they deserve. The rising cost of groceries, gas, and other goods far outpace the extra $20 on average per month that seniors in the Capital Region and across the nation will receive as their cost-of-living-adjustment this year. In Congress, I continue to push legislation that would increase benefits for current beneficiaries while making Social Security stronger for future generations.”

In addition to voting multiple times against an annual raise in his own pay, Congressman Tonko has worked to strengthen Social Security and add decades to the program’s solvency by taking the following actions:

·        Voting against the Ryan Plan: Tonko has voted against every budget plan offered by the Republican House majority that has aimed to privatize Social Security, increase the retirement age, and cut benefits.

·        Cosponsoring the Strengthening Social Security Act: Tonko is an original cosponsor of the Strengthening Social Security Act of 2013 (H.R. 3118), which would change the way COLAs are calculated to more accurately reflect the costs seniors face, and would keep the program solvent by ensuring payroll taxes apply fairly to every dollar of wages.

·        Introducing the Support Our Seniors COLA Act: In 2011, Tonko authored legislation that would have provided a $250 flat payment to seniors in years there were no COLA, as was the case in 2010 and 2011.

In the Capital Region, nearly one in five people – including senior citizens, disabled individuals, and children – rely on Social Security. COLA is based on the Consumer Price Index (CPI) and is intended to adjust benefits based on increases in the cost of basic necessities. Due to the economic downturn that followed the Wall Street collapse in 2008, seniors have seen only three annual COLA increasessince 2009.

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