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Congressional Response: Representative Spencer Bachus (R-6th, AL) Responds To Your COLA Petition
Thank you for expressing your support for H.R. 2262, the Consumer Price Index for Elderly Consumers Act. It is always good to hear from you. H.R. 2262 was introduced on May 22, 2003 and on June 20 was referred to the House Subcommittee on Employer-Employee Relations. Although I do not serve on that subcommittee, I will remember your support if I have an opportunity to vote on this bill on the floor of the House of Representatives. This legislation would direct the Department of Labor to prepare and publish a monthly Consumer Price Index (CPI) for elderly consumers. As you may know, the CPI is a tool that by law is calculated by the Bureau of Labor Statistics each year. It is used to gauge the change over time in prices for a fixed market of goods in urban areas. The CPI is used in three ways: as an economic indicator, as a deflator of other economic series, and as a means of adjusting dollar values. It is not a cost-of-living index, simply an index of price changes and inflation. The bill would amend the Social Security Act to provide for the use of the new CPI in the computation of cost-of-living increases for Social Security and Medicare benefits. Thank you again for expressing your support for this legislation. If I can be of additional assistance to you in the future, do not hesitate to contact me. January 2004 | ||||||||
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