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Senator Merkley Introduces Legislation to Give Seniors a Raise
Oregon’s Senator Jeff Merkley today introduced the Fair Raises for Seniors Act in the Senate that would increase Social Security benefits for seniors by changing the cost of living adjustment (COLA) formula to keep up with inflation. The current formula fails to account for the fact that seniors spend more of their income on health care, housing and heating fuel than the average household. Merkley’s bill would use a measure of inflation specifically designed to account for seniors’ costs, called the Consumer Price Index-Elderly (CPI-E), to guarantee that seniors’ Social Security benefits retain their value in the long-term…Read More
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