Larson Statement on Social Security COLA Increase for 2023

Hartford, CT – 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 2023 will be 8.7 percent.  

“This year’s COLA announcement highlights what seniors have always known – that Social Security’s automatic inflation protection is vital,” said Larson. “This increase is good news as it protects benefits against losing their purchasing power over time, but we must do more to help beneficiaries now! Seniors living on fixed income are hurt the most by inflation and are struggling to make ends meet. 

“As Republicans in Congress threaten to cut, end, and privatize Social Security, there is a fierce urgency to protect and expand this program. I introduced Social Security 2100: A Sacred Trust to make necessary improvements like an across-the-board benefit increase to make up for inadequate COLAs; a new measure of inflation that takes into account actual expenses incurred by seniors; repeal of WEP and GPO, which will allow teachers, police and firefighters to receive benefits they deserve; updating the minimum benefit for full-career workers so that no one retires into poverty; and cutting taxes on benefits for middle-income seniors. Moving forward with Social Security 2100 will provide relief to our nation’s seniors, children, widow(er)s, and people with disabilities who need these improvements now,” Larson continued.