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Congressional Response: Representative Dale Kildee (D-5th, MI) Responds To Your COLA Petition
Thank you for expressing support for H.R. 2262, the Consumer Price Index for Elderly Seniors Act, a bill that would change the Social Security COLA formula. Because I completely agree with you, I am an original cosponsor of this important legislation. Like H.R. 2035 in the 107th Congress, H.R. 2262 bases the Social Security COLA on a “seniors-only” formula. Currently, Social Security COLAs are based on an annual study conducted by the Bureau of Labor Statistics on how much the prices of a number of goods and services have risen. Over the past 15 years, the price of goods bought by the general public has risen by 66.5%. However, due to the different needs of seniors, the price of goods consumed by seniors rose 72.6%. H.R. 2262 would implement a formula for Social Security COLAs to reflect the increase in prices of goods used by seniors, rather than the whole population. Many seniors depend on their Social Security to pay for their rent, their heating, their prescription drugs, and other necessary expenses, and the Social Security COLA is vital to their ability to live on this limited income. COLAs were created so that benefits could keep pace with rising costs, and it is wrong for seniors not to receive the full benefits to which they are entitled. H.R. 2262 was introduced on May 22, 2003 by Representative Sanders of Vermont. It has been referred to the House Ways and Means Subcommittee on Social Security and the Education and the Workforce Subcommittee on Employer-Employee Relations. No hearings have been scheduled on this legislation. Please be assured that I will continue to urge my colleagues to support legislation to guarantee that Social Security COLAs are adjusted in the 108th Congress to reflect the needs of our nation’s senior citizens. March 2004 | ||||||||
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