Congressman Higgins Applauds President's Support for Social Security COLA Fix
“I applaud President Obama’s statement today announcing his support for a $250 payment to seniors to offset the 2010 Social Security COLA freeze. This news will give seniors in Western New York and across this nation peace of mind in knowing that there will be a little extra money available to cover the basics – including housing, food and medical expenses.
“I look forward to working with my colleagues on the House of Representatives Ways & Means Committee to take swift action on this matter to ensure seniors receive the relief they need and deserve in the upcoming year.”
The annual Cost of Living Adjustment for Social Security recipients is tied to the consumer price index. Since energy prices have fallen over the past year, the consumer price index has gone down triggering no cost of living adjustment for 2010. This is the first time since mandatory benefit updates were established in the early 1980s that senior would see no COLA.
Congressman Higgins is cosponsoring H.R. 3536, the Social Security COLA Fix Act. Under the bill, Social Security recipients would receive a one-time payment added to their Social Security check to compensate for the COLA freeze.
Approximately 146,000 residents in Congressman Higgins district receive Social Security.