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Larson Statement on Social Security COLA Announcement for 2021

October 13, 2020
Press Release

Hartford, CT – Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement after the Social Security Administration (SSA) announced that there will be a 1.3 percent cost-of-living-adjustment (COLA) for Social Security benefits received beginning in January 2021.

“I am pleased that the 65 million Americans who rely on Social Security will be receiving a 1.3 percent cost-of-living-adjustment (COLA) next year. During a pandemic, people are relying on their benefits now more than ever, and the reality is most seniors face cost increases each year even beyond what’s reflected in the COLA. It’s time to fix that by enacting the Social Security 2100 Act. My bill would strengthen benefits by basing the COLA on what seniors actually spend on items such as medical expenses, food, and housing. Under this new index, called the Consumer Price Index for the Elderly (CPI-E), a retiree or widow would experience benefits that are 6% higher by the time they reach age 90.

“It’s time for the Republicans to join Democrats and strengthen America’s number economic security program, instead of trying to defund it by eliminating its funding source as President Trump has pledged he will do.  I have introduced legislation to stop the President’s plan and to protect Social Security,” said Larson.

 

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