| Scant 1.6% COLA next year |
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SIGN Our Urgent Petition for a
FAIR COLA Now!
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Dear John,
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Next year's scant 1.6% Social Security Cost-of-Living Adjustment (COLA) is a huge disappointment for seniors. The paltry new COLA will yield a $24 per month increase for the average beneficiary. With Medicare Part B premiums predicted to rise by about $8 next year, the net COLA for most seniors will be only $16 per month. The new COLA inches up the average monthly retirement benefit to $1,503 — a mere $288 yearly raise for seniors living on fixed incomes.
That's why I’m asking you to sign our Urgent Petition to Congress today, putting pressure on Congress to act immediately to pass the "Fair COLA for Seniors Act (H.R. 1553)," introduced by U.S. Representative John Garamendi (CA-03). This important bill would use the Consumer Price Index for the Elderly (CPI-E) for the purpose of determining the Social Security COLA. The CPI-E reflects the spending priorities of seniors, including health care, as opposed to the current formula based on younger urban wage earners' expenses.
It's ironic that as billionaires and big corporations continue to profit from the $1.5 trillion in Trump/GOP tax cuts, America's seniors are asked to get by with a 1.6% COLA which amounts to a meager $24 monthly raise. Meanwhile, health care costs are forecasted to rise by about 6% in 2020 alone. The prices of the most commonly prescribed drugs for seniors on Medicare rose ten times the rate of inflation from 2013-2018. This demonstrates the complete failure of the current COLA formula to deliver a fair COLA that accurately measures seniors' real expenses, including higher out-of-pocket health care costs and housing expenses.
The health and financial security of millions of Americans depends on getting a fair and accurate COLA next year and every year. Bottom line: We need to tell that seniors deserve a COLA raise and relief on their wallets! So please help us get the "Fair COLA for Seniors Act" over the finish line in Congress by signing our Urgent Petition to Congress today! |
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| Sincerely, |
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Max Richtman
President & CEO
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