Several important organizations, including two leading groups representing America’s seniors, are urging the Senate to pass a critical cost-of-living adjustment for millions of Social Security recipients and disabled veterans. The Social Security Administration announced last Friday that, for the second straight year, more than 50 million Social Security recipients and disabled veterans will go without a cost-of-living adjustment.
Key Endorsements for Senate Passage of Cost-of-Living Adjustment for Social Security Recipients and Disabled Veterans
“During these frightening economic times it’s easy to understand why so many seniors are worried about news there will be no Social Security Cost of Living Adjustment (COLA) for the second year in a row. However, it’s important America’s retirees understand there is something they can do about the loss of a COLA, and that’s to urge their representatives in Congress to support passage of COLA relief legislation. Majority Leader Harry Reid has announced the Senate will vote on legislation providing a $250 payment to beneficiaries after the November election and we applaud his decision to consider this legislation, in spite of conservatives’ defeat of a similar bill last year.”
– Barbara Kennelly, President and CEO, National Committee to Preserve Social Security and Medicare
“EPI research has shown that one of the most effective components of the 2009 Recovery Act was the $250 lump-sum payments that went to recipients of Social Security and Supplemental Security Income (SSI) benefits. Because these Social Security and SSI payment were quickly spent, they stimulated local economies and likely boosted GDP by roughly 0.5% in the second quarter of 2009. That translates to about 125,000 jobs created or saved due to these payments.”
– Ross Eisenbrey, Vice President, Economic Policy Institute
“The purchasing needs of seniors are unique, and often include medications needed to stay alive. We thank Senator Majority Leader Harry Reid for calling this vote, and urge quick passage of this critically important legislation. $250 may be just dinner and drinks if you are on Wall Street, but it will make a real difference for those on Main Street.”
– Edward F. Coyle, Executive Director, Alliance for Retired Americans