Larson Statement on 2024 Social Security COLA Announcement

Washington, D.C. – Today, House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) released the following statement on the announcement that the Social Security Cost of Living Adjustment (COLA) for 2024 will be 3.2 percent.  

“Seniors know that Social Security’s annual COLA is vital,” said Larson. “Unfortunately, the current COLA formula does not fully reflect the true costs seniors and people with disabilities face, such as groceries, rent, and prescription drugs. In these difficult times, as the elderly and children struggle to make ends meet, Congress must reform Social Security and bring benefits into this century. After decades of inaction, the modest COLA announced by the Social Security Administration today is another reminder of why now is the time to act. Our plan, Social Security 2100, will enhance benefits for the first time in more than 50 years, and improve the COLA to ensure benefits keep pace with the costs seniors face each and every day.” 

Ranking Member Larson introduced Social Security 2100 with nearly 200 of his Democratic colleagues to make the first meaningful benefit increases in more than half a century, repeal the harmful WEP/GPO that penalizes public servants, cut taxes for 23 million middle-income beneficiaries, and lift 5 million Americans out of poverty. 

Social Security 2100 would improve the annual COLA by incorporating the consumer price index for the elderly (CPI-E) into its annual calculation, ensuring beneficiaries receive the higher of the two annual adjustments calculated by the Bureau of Labor Statistics.