Senate proposal to adjust COLA for seniors gains momentum

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Senate proposal to adjust COLA for seniors gains momentum

The Hill – A Senate proposal to apply a different measure to calculating cost-of-living increases for seniors appears to be gaining momentum.

Several Senate Democrats along with Social Security advocates are rallying support for a bill that would reconfigure the current formula used to determine cost-of-living adjustments for seniors’ benefits.

Meanwhile, they are trying to stop a proposal that has been under consideration by the supercommittee that they say would lead to severe cuts in Social Security benefits and dig deeper into seniors slim budgets.

The measure, introduced this week by Sens. Sherrod Brown (D-Ohio) and Barbara Mikulski (D-Md.), establishes an alternative measure of the Consumer Price Index aimed at the specific expenses of seniors, especially healthcare costs…

“Because of an outdated and flawed formula, seniors are seeing their energy, food, and prescription drugs costs rise, while their Social Security checks remain stagnant,” Brown said. “With two-thirds of seniors depending on Social Security for the majority of their income, too many seniors are being forced to choose between heating their homes or filling their prescription drugs.”

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