Today, the Social Security Administration (SSA) announced that the annual cost of living adjustment (COLA) for millions of Social Security beneficiaries -- most of them senior citizens -- would be a meager 1.7 percent. This marks the third straight year COLA will be increased less than two percent. I believe this is not high enough.
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.
As I said, a 1.7% raise for our seniors is not going to cut it. That is why, in addition to voting stop annual pay raises for Congress, I continue to work in Washington to strengthen Social Security, make the program work harder for our seniors, and enhance its solvency by taking the following actions:
· Voting against the Ryan Plan: I 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: I am 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, I 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 increases since 2009.
If you or someone you know has questions or concerns about Social Security, Medicare, or any other federal programs, please do not hesitate to give my office a call.
My door is always open.
