Rep. Larson Reiterates Need for New COLA Measurement
In a statement following the Social Security Administration’s announcement of a 1.6% cost-of-living adjustment (COLA) for beneficiaries beginning in January 2010, Rep. John B. Larson (CT-01) acknowledged that the current process for adjusting benefits is inadequate in comparison to the cost pressures faced by seniors. Larson. the originator of HR 860, The Social Security 2100 Act, reiterated the bill’s call for adoption of an inflation measurement more in tune with seniors’ spending patterns. HR 860, he noted, contains provisions for a change from the current inflation measurement tool (Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W) to a tool more reflective of cost pressures facing seniors. Specifically, the bill suggests adoption of a Consumer Price Index for the Elderly (CPI-E), which would more accurately reflect where seniors tend to spend their money.
HR 860 was introduced by Larson on January 30 of this year, and is supported by 209 co-sponsors. It contains a number of provisions intended to address Social Security’s long-term solvency problem–a problem that if not corrected will lead to a substantial reduction in monthly payments for the program’s 63 million beneficiaries. To learn more about the HR 860, or to read it’s detailed text, click here. To read the full content of Rep. Larson’s October 10 statement on the 2020 COLA announcement, click here…
As many are aware, the Association of Mature American Citizens (AMAC) has been actively engaged in the battle to craft legislation for a long-term solution to Social Security’s solvency issue. Dating back several years, AMAC has been advocating a legislative framework that would guarantee solvency for generations to come, with relatively minor adjustments and additional program provisions to assist future retirees in preparing for the financial realities of retirement. Most recently, AMAC has put forth an updated version of this framework, “The Social Security Guarantee Act,” a plan that combines the Association’s original platform with selected assumptions taken from legislation introduced by former Rep. Sam Johnson (R) of Texas and Rep. Larson to achieve what is the best path to long-term Trust Fund solvency without raising taxes. Learn more about the “The Social Security Guarantee Act of 2017” by vising AMAC’s website.
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