Social Security Benefits to Rise by 8.7 percent in 2023 in Big Boost for Seniors

The Social Security Administration on Thursday announced an 8.7 percent cost of living adjustment for retirees, survivors and people with disabilities. This is the largest inflation adjustment to benefits in four decades — a welcome development for millions of older Americans struggling to pay their bills.

“Seventy million Americans who rely on their earned Social Security benefits will greatly benefit from this significant cost-of-living increase,” said Richard Fiesta, Executive Director of the Alliance. “This historically high COLA is needed to help ensure older Americans can make ends meet.”

The increase amounts to an additional $146 per month for the average retired worker. However, as welcome as this news is, many older Americans will continue to struggle to pay for basic needs. 

“It is high time to strengthen and expand Social Security,” Fiesta added. “If we make the wealthiest Americans pay their fair share into the system we can strengthen Social Security for future generations and increase benefits across the board.” 

He cautioned that Republicans in the House and Senate and on the campaign trail are “tripping over each other” to put forward their own extreme and risky schemes to cut or end Social Security as we know it. 

He also urged retirees to be vigilant and make sure they are voting for candidates in November who will protect the benefits they earn, rather than put them on the chopping block.

Senate Republican Bill Would Repeal Democratic Drug Pricing Gains

Republican Senators James Lankford (OK), Mike Lee (UT), Cynthia Lummis (WY) and Marco Rubio (FL) have introduced a bill, S.4953, that would roll back the key reforms that lower drug prices as part of the Inflation Reduction Act (IRA).

The new Republican bill would repeal the provisions that allow Medicare to negotiate drug prices, set a $2,000 out-of-pocket cap on annual drug costs for seniors on Medicare, and limit the cost of insulin to $35 per month. It would also take away the free vaccinations that were included in the IRA. These provisions are supported by a majority of Democratic and Republicans, but strongly opposed by drug corporations.

“This is another frightening example of the path Republicans want to take us down if they take control of the Senate and House in November,” said Robert Roach, Jr., President of the Alliance. “And remember, that is in addition to GOP plans to force Congress to vote every five years on whether the Social Security and Medicare programs should continue as we know them. All seniors and retirees should be on notice and cast their votes for pro-retiree elected officials. These senators are obviously out of touch with the American people.”

The Alliance’s annual Congressional Voting Record scores every senator and member of Congress on key senior issue votes, and is a great resource for any voter who cares about retirement security.

GOP Aims to Use Debt-Limit Deal to Cut Social Security and Medicare

Key House of Representatives Republicans say they are prioritizing cutting Social Security and Medicare through eligibility changes, spending caps, and safety-net work requirements, and they want to use next year’s debt-limit deadline to extract concessions from Democrats.

Five House Republicans interested in top Committee assignments have said that next year’s deadline to raise or suspend the debt ceiling is a point of leverage if their party can win control of the House in November. This demonstrates that they are willing to put the U.S. government into default unless extreme and dangerous changes are made to Social Security and Medicare.

They include Republican Reps. Jodey Arrington (TX), Buddy Carter (GA), and Lloyd Smucker (PA), who are each seeking the top spot on the Budget Committee, and Rep. Jason Smith (MO), currently the top Republican on the Budget Committee, who is seeking the top GOP spot on the tax-writing Ways and Means Committee. Rep. Kevin Hern (R-Okla.), head of the Republican Study Committee’s Budget and Spending Task Force, also said the upcoming debt-limit deadline is “obviously a leverage point.”

“It is not an exaggeration to say that seniors need to vote in November to prevent Social Security and Medicare from being slashed,” said Joseph Peters, Jr., Secretary-Treasurer of the Alliance. “The cuts and privatization threats that the GOP is talking about are truly dangerous.”

Fiesta Travels to Wisconsin, Arizona on the Campaign Trail

Fiesta was in Milwaukee on Monday to speak at the Wisconsin Alliance’s Power Lunch. Special guests at the event included Lieutenant Governor Mandela Barnes, who is running for the U.S. Senate; Governor Tony Evers; and state Attorney General Josh Kaul. Fiesta enthusiastically praised Barnes and Evers as friends of retirees who would look out for seniors’ best health care and economic interests and stated that Kaul would protect older Americans’ legal interests and voting rights.

Today, Fiesta is in Phoenix for an event with Sen. Mark Kelly, who is marking the first week of voting in Arizona by highlighting why he is the only senate candidate in the state who can be counted on to safeguard seniors’ hard earned Social Security benefits.

“Sen. Kelly will always protect Social Security – and that is why the Alliance for Retired Americans has enthusiastically endorsed him,” said Fiesta. “One in four Arizona voters are over the age of 65, and they need to know that the future of Social Security is on the ballot.”

Mississippi Alliance Holds Its Convention

Mississippi Alliance members gathered in Jackson for their state convention on September 30. Officers re-elected were: James Sims, President; Chellie Payne, Secretary; Patricia Blanchard, Treasurer; and Vice Presidents Eddie Jenkins, Markeshia Hammond, Sherry Dennis, John Graves and Geraldine Bender. Gwen Hampton and Frank Figures are newly elected Vice Presidents.

Speakers included Ms. Bender, who is also American Federation of Teachers Mississippi President; Mr. Graves, who is also State Chapter President of the A. Philip Randolph Institute; and Alliance Field Manager Tommy McLaughlin, who spoke on behalf of the national Alliance.

Thanks for reading. Every day, we're fighting to lower prescription drug prices and protect retirees' earned benefits and health care. But we can't do it without your help. Please support our work by donating below.