Congresswoman Pingree Disappointed By Lack Of Social Security Benefit

Statement

Congresswoman Chellie Pingree expressed disappointment today at the Social Security Administration's announcement that there would be no cost-of-living adjustment (COLA) next year, meaning that beneficiaries will not see an increase in benefits.

"Ask any senior in Maine and they will tell you that their cost of living has gone up," Pingree said. "They know that the cost of food and prescription drugs keeps going up, and for anyone who depends on Social Security to get by, it's becoming harder and harder to make ends meet."

"I'm going to keep pushing for a COLA formula that better reflects their financial reality. The current model may depict what's going on for urban workers, but certainly not for Maine seniors," Pingree said.

The Social Security Administration currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to determine annually whether benefits should increase (by law, they cannot decrease). Throughout her time in Congress, Pingree has sponsored multiple pieces of legislation to instead use the Consumer Price Index for the Elderly (CPI-E), which more accurately depicts costs for seniors.

Under the CPI-E, beneficiaries would have seen an increase next year.

Seniors enrolled in Medicare Part B have their premiums deducted from their Social Security checks, but because of the "hold harmless" provision in the law, they will not see a reduction in their monthly checks even if those premiums are increased.

Source