"Let them eat cake" GOP senators will nix this just as they have nixed a second round of $1200 stimulus checks to all American adults.
House Lawmakers Pitch Emergency 3 Percent Social Security Cost-of-Living Adjustment
October 16, 2020
House Democrats plan to introduce a bill to raise the Social Security cost-of-living adjustment from 1.3 percent to 3 percent to help seniors facing a greater financial burden amid the pandemic.
The Social Security Administration announced on Oct. 13 that the cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income benefits will be 1.3 percent starting in January 2021.
But two House lawmakers, Reps. Peter DeFazio (D-Ore.) and John Larson (D-Conn.), have proposed an emergency increase of this adjustment, arguing that the outbreak of the CCP (Chinese Communist Party) virus has put additional financial burdens on seniors as they take extra precautions to stay safe.
"This absolutely anemic COLA won't even come close to helping them afford even their everyday expenses, let alone those exacerbated by COVID-19. Raising the COLA to 3 [percent] for 2021 will provide seniors with an immediate, crucial lifeline during the ongoing coronavirus crisis," DeFazio said in a statement.
"Social Security is our country's number one financial security program, and, because of the COVID-19 pandemic, people are depending on it now more than ever. Seniors are seeing a rise in food, medical, housing costs, and more, and a 1.3 percent cost of living adjustment (COLA) is just not enough during these difficult times," Larson said in a statement.
According to the American Association of Retired Persons (AARP), a 1.3-percent COLA will mean that the typical beneficiary will see a meager $20 more per month and possibly less if Medicare Part B premiums go up in 2021 as these can eat up the adjustment.... "
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Edited by Atossa, 16 October 2020 - 07:47 PM.