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Congressional Response: Representative Gene Green (D-29th, Texas) Responds To Your COLA Petition
Social Security, Cost of Living Adjustment I am happy to post my concerns about Social Security, in particular, the cost-of-living adjustment (COLA) on the TREA Seniors Citizens League website. I appreciate concerns that COLAs affecting seniors may be inadequate and in the future may be reduced. Social Security COLAs are based on changes in the Consumer Price Index (CPI-W), which measures price increases from year to year. Because the CPI-W is based on goods brought by current workers, COLAs may not accurately reflect the inflation experience of the elderly. An experimental elderly inflation measure has shown a slightly higher rate of inflation than the CPI-W. If this is the case, Social Security checks are buying less each year. This puts a severe financial strain on seniors who are on a fixed income and rely on Social Security COLAs. Some proponents of reforming the Social Security program have advocated reducing or changing the COLA. I strongly oppose this. On the contrary, I am a cosponsor of H.R. 2035, the Consumer Price Index for Elderly Consumers Act of 2001. This legislation would create a separate senior's CPI, based on expenditures for consumption which are typical for individuals in the United States who are 62 years of age or older. Please be assured that I will do all I can to see that Social Security is protected and that seniors have the resources they need. Again, thank you for the opportunity to share my views on your website. Please, don't hesitate to contact me with any questions you may have, or if you think I could be of service. September 2002 | ||||||||
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