Rep. Earl Pomeroy, chairman of the Ways and Means Social Security subcommittee, released a statement Wednesday about the anticipated decision to not have a cost of living adjustment for Social Security recipients this year.
Here’s the news release:
Washington, D.C. â€“ Ways and Means Social Security Subcommittee Chairman Earl Pomeroy Â released the following statement today, in response to the anticipated announcement that there will be no Cost-of-Living-Adjustment (COLA) for Social Security recipients this year. Although economy-wide measures of inflation have shown no net increase since the last COLA, which reflected price levels in the third quarter of 2008, Medicare premiums and health care costs have continued to rise.
Congressman Pomeroy has introduced legislation, H.R. 5987, the Seniors Protection Act of 2010, which would assist 54 million American seniors, retired and disabled veterans, and disabled individuals with a one-time $250 payment that they deserve in the event that no inflation adjustment is announced this Fall.
Congressman Pomeroy issued the following statement:
â€œOur seniors have everyday expenses for drugs, utilities, housing and food that have increased, regardless of the governmentâ€™s Consumer Price Index (CPI) formula. Social Security benefits are very modest â€“ amounting to only about $14,000 annually, on average â€“ and seniors are already stretching their income as thinly as possible to make ends meet.
Although the CPI cost factors are far from Congressâ€™ control, I believe that Members will be energized when we return to Washington in November to quickly pass legislation that will help seniors, who would otherwise face a second year with no increase in Social Security benefits. Passing my bill, the Seniors Protection Act, which provides a one time $250 payment to seniors, would continue the strong commitment of this Congress to protect our seniors in these challenging economic times. The 111th Congress has already acted to help seniors several times â€“ with a $250 economic recovery payment in 2009.
Social Security has a proven record of providing a reliable check, month after month, even as as other sources of income for seniors have fallen in the last two years. I will continue to lead the fight to protect Social Security, so that the seniors who worked so hard for many years will have the dignity they deserve in retirement.â€