Many seniors today are facing rising costs for key expenses like health care and prescription drugs. Even with Social Security as a lifeline, these middle class seniors are struggling to make ends meet.
Right now, adjustments to Social Security benefits do not reflect the true cost of living for seniors. The cost-of-living adjustment (COLA) is tied to increases in prices paid by consumers for goods and services. But health care costs for our seniors continue to rise faster than general inflation. So seniors are stuck in the middle, having to pay more for key expenses with Social Security benefits that aren't keeping pace.
Now there are many on Capitol Hill who propose dangerous plans to further reduce the benefit adjustments that middle class seniors need. If adopted, the proposed COLA formula would cut even deeper into the already inadequate benefit adjustment.
Stand up for our seniors right now. Tell Congress to make adequate adjustments to Social Security benefits and not make it even harder for middle class seniors to get by.
The current basis for determining the COLA is the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which fails to reflect the rapidly rising health care costs faced by our elder population. These costs are increasing at a much faster pace than general inflation, diminishing retiree's Social Security benefits the longer they live.
To be fair to seniors, the COLA should be based on the Consumer Price Index for the Elderly (CPI-E). The CPI-E's formula is a better measure of the real-world costs of living on a fixed income.
Please support the Consumer Price Index for Elderly Consumers Act (H.R. 456, H.R. 798 and S. 1876) that implements using the CPI-E as a basis for calculating the COLA. Thank you for your time.