Larson: COLA Announcement Underscores the Need to Act on Social Security
Washington, D.C. - Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement on the announcement that the Social Security Cost of Living Adjustment (COLA) for 2022 will be 5.9 percent.
“While this year’s Cost of Living Adjustment (COLA) is welcome news, it only further underscores the need for Congress to act on Social Security. It has been more than 50 years since Congress has improved Social Security benefits. Seniors are suffering - five million are living below the poverty line - current Social Security benefits are not enough! The COLA simply protects benefits against losing their purchasing power over time when the cost of rent, food, and other expenses increase, and is partially consumed by Medicare premiums,” said Larson. “Congress has failed seniors and that needs to change. Next week we will be introducing the bill, Social Security 2100: A Sacred Trust, to strengthen Social Security and expand benefits. The time is now to enhance Social Security.”