Larson on Lack of a COLA for Social Security Beneficiaries
Hartford, CT - Today the Social Security Administration announced there will be no cost of living adjustment (COLA) for Social Security beneficiaries in 2016. Rep. John B. Larson (CT-01) released the following statement:
“Seniors spend far more on health care and heating and cooling their homes than on televisions or new cars. We owe it to them to make sure we truly account for the real costs they incur. Unfortunately, as a result of a formula set by law, Social Security beneficiaries will not see an increase in their cost of living adjustment next year. Millions of Americans rely on Social Security for the bulk of their income. We need to really examine how we can strengthen and expand those benefits—including making sure the COLA formula accurately reflects their needs.
“My proposal—the Social Security 2100 Act—would adopt a new formula to account for inflation known as CPI-E to better reflect the expenses seniors face.”
Rep. Larson introduced the Social Security 2100 Act in March of 2015.