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Larson Statement on Upcoming COLA Increase

September 28, 2022

Washington, D.C. - Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement in anticipation of the upcoming increase to the Cost-of-Living Adjustment (COLA) for Social Security.  

“Next year’s Social Security COLA increase is predicted to be the largest in four decades,” said Larson. “This is good news given the current rate of inflation, but the truth is, the COLA has not kept up with inflation for years because the current formula does not accurately reflect seniors’ expenses. We drafted Social Security 2100: A Sacred Trust to permanently improve the formula for the COLA and provide an across-the-board benefit increase to make-up for the shortfall in past COLAs. Our bill includes other enhancements, which will go a long way to help our nation’s seniors, children, widow(ers), and people with disabilities who need these improvements now. It’s time Congress does its job, fulfills its responsibility, and votes!” 

Rep. Larson introduced Social Security 2100: A Sacred Trust, which would improve the annual COLA formula to better reflect the costs incurred by seniors through adopting a "CPI-E formula." This provision will help seniors who spend a greater portion of their income on health care, rent, food and other necessities. The bill also includes a 2% across the board increase in benefits for all beneficiaries to compensate for COLAs which did not reflect seniors’ actual expenses in the past. 

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