Schock Cosponsors Legislation To Protect Seniors Social Security COLA
Congressman Aaron Schock (R-IL) announced today he will cosponsor H.R. 3677, the Save Our Seniors' Social Security (SOS) Act, which give Social Security beneficiaries a one-time payment of $280 in 2010 in lieu of a Cost-of-Living Adjustment (COLA). This benefit would be paid for using unspent stimulus money.
"In 2010, or the first time in 35 years, Social Security Administration (SSA) has determined Social Security beneficiaries will not receive an increase in their Social Security through a COLA, said Schock. "It is imperative we provide our seniors with the resources they need during this economic downturn. We must redirect the irresponsible and reckless stimulus spending to those who need it most."
Almost 70 percent of beneficiaries depend on Social Security for 50 percent or more of their income. Social Security is the sole source of income for 15 percent of beneficiaries.