Representatives Schakowsky, Matsui and Murphy on Social Security Administration Announcement of No Cost of Living Increase For Beneficiaries

Washington, DC–(ENEWSPF)–October 15, 2015.  Today, Representatives Jan Schakowsky (IL-09), Doris Matsui (CA-06) and Patrick Murphy (FL-18), sponsors of H. Res 393 released the following statement after the Social Security Administration announced that there would not be a cost of living adjustment (COLA) for Social Security beneficiaries in 2016:

“Social Security is the bedrock of retirement security for millions of Americans. Two-thirds of seniors rely on their earned Social Security benefits for the majority of their income, 1 in 3 for virtually all of it. With the erosion of pensions and retirement savings, Social Security is now more important than ever for hard-working Americans. Today’s announcement that there will be no COLA increase next year means that they will struggle to pay for the increased cost of medical care, food and other basic necessities.

“We introduced H.Res. 393, a resolution to protect and expand Social Security benefits, along with seventy-six cosponsors, to improve benefits. One way to do that is to replace the current formula used to calculate the cost-of-living adjustment with the CPI-E, which more accurately reflects the real inflationary costs facing seniors. Certainly, no American who has worked hard and earned their Social Security benefits should live in fear of seeing their benefits eroded. We must ensure that Social Security benefits are protected and expanded, so that older Americans and disabled workers are able to live in dignity and meet their basic needs.”

Source: www.schakowsky.house.gov

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Law Does Not Provide for a Social Security Cost-of-Living Adjustment for 2016