Casey Urges Payment to Offset Lack of Social Security COLA

Casey Urges Payment to Offset Lack of Social Security COLA

WASHINGTON, DC-Following news today that there will be no Social Security cost-of-living adjustment (COLA) next year, Senator Bob Casey (D-PA) called for a Senate vote on legislation to provide a one-time payment of $250 to Social Security recipients.  Social Security COLAs are by law determined by the Consumer Price Index.  Because of the current economic conditions, there will be no Social Security COLA for the second time since 1975.
 
“Congress must take action so that older Pennsylvanians who rely on Social Security aren’t forced to cut back further,” said Senator Casey.  “The economy has kept the Consumer Price Index down, but it hasn’t stopped medical costs from going up and pension accounts and home values from going down.  Without action, those living on fixed incomes will be faced with a greater burden.”
 
Nearly 70 percent of beneficiaries depend on Social Security for at least half of their income and Social Security is the sole source of income for 15 percent of recipients.
 
Seniors received $250 checks as part of the 2009 recovery bill.  After the announcement last year that there would be no Social Security COLA, Senator Casey supported legislation to provide an additional $250 check.  This legislation passed the House, but faced resistance in the Senate. 
 
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October 18th, 2010 | Posted in Front Page Stories | No Comments