LoBiondo Calls Upon Obama Administration, Congressional Leadership To Provide Emergency Cost-Of-Living-Adjustment Fix For Seniors
U.S. Representative Frank A. LoBiondo (NJ-02) today called upon the Obama Administration and Congressional leadership to address this year's absence of a cost-of-living-adjustment (COLA) for Social Security benefits for the nation's seniors immediately upon returning to Washington after Labor Day. Due to the economic downturn, seniors will not be receiving a Social Security COLA this year which will further strain their personal finances.
"While this Congress and the Obama Administration have no hesitation in pushing through bailouts and so-called stimulus packages with breakneck speed, they seemingly plan to allow our seniors to go without the annual COLA and face further financial strain during this recession. It would be unconscionable to not take whatever steps possible to help our seniors, who often live on fixed means and rely heavily on their Social Security benefits to live," said LoBiondo.
LoBiondo is cosponsoring H.R. 2365, bipartisan legislation that would modify the 1975 formula that establishes seniors' COLA to better reflect the present-day expenses of seniors, such as prescription drug costs and medical care. The new formula would help prevent future disruptions to the annual COLA for seniors. Introduced by Representative Peter DeFazio (OR-04), H.R. 2365 has 39 cosponsors.
"I've heard from South Jersey seniors who are increasingly concerned about how they will survive the pending winter months, having to choose between food on their table or heat in their home," continued LoBiondo. "The Obama Administration should work with Congress to pass legislation to address this critical issue and strengthen Social Security as soon as possible."