LARSON: This Year’s COLA is Good News, but Social Security Beneficiaries Have Earned Better
Washington, D.C. – Rep. John B. Larson (CT-01), Ranking Member of the Ways and Means Social Security Subcommittee, released the following statement after the Social Security Administration (SSA) announced that there will be a 2.8 percent increase in the cost-of-living-adjustment (COLA) for Social Security benefits received beginning in January 2019.
“Today’s announcement of a 2.8 percent Social Security cost-of-living adjustment is good news for seniors, people with disabilities, and other beneficiaries who depend on Social Security. However, more must be done since for two-thirds of retirees, Social Security is the majority of their income. These are already modest benefits; especially for low-wage earners, women, and especially women of color,” said Larson. “Seniors have been seeing rises in food, gas, housing, and medical costs, without always receiving adequate increases in the COLA. Several years ago, our seniors faced a COLA of zero percent. We must do better and work towards a comprehensive solution.
“The Social Security 2100 Act, which has the support of 174 cosponsors, would provide a much-needed benefit bump, cut taxes for millions of working seniors, and strengthen Social Security for generations to come. Let’s stand up against calls to gut these earned benefits and instead fight for a solution that protects the insurance that Americans have paid into their entire working lives.”
The COLA is set according to a formula in the Social Security Act based on the increase in the Consumer Price Index (CPI) as determined by the Department of Labor’s Bureau of Labor Statistics. The COLA for 2018 was 2 percent. To see previous COLA amounts, see the Social Security Administration’s website here.