Congresswoman Dina Titus of Nevada's Third District joined today with nine of her House colleagues to introduce important legislation that will help Nevada's seniors who are struggling during this tough economic time. The legislation, the Seniors Protection Act, will provide a one-time payment of $250 to Social Security beneficiaries if they do not receive a cost-of-living adjustment (COLA) next year.
"The economic recession has taken a toll on all Nevadans, but seniors have been deeply affected as they watched their hard-earned nest egg shrink while the stock market dropped," Congresswoman Titus said. "The overall cost of living may not have increased, but costs that disproportionately affect seniors, such as health care, have continued to rise. At a time when every dollar counts, this critical legislation will provide seniors with a much-needed boost to help them put food on the table, afford life-saving medication, and pay their mortgages."
It is expected that the Social Security Administration will announce that there will be no COLA in 2011 for Social Security benefits. This would mark the first time ever that Social Security retirees, veterans, and people with disabilities would see no increase for two consecutive years. The cost of the bill will be offset and compliant with pay-as-you-go rules.
Since coming to Congress, Titus has been a leader on issues affecting Nevada's seniors. Last year, Titus introduced the Medicare Premium Fairness Act to protect seniors from an increase in Medicare premiums at a time when they were not receiving a COLA. Titus also supported health care reform that closes the donut hole that leaves seniors paying high out-of-pocket costs for prescription drugs, improves Medicare Advantage, and extends the solvency of the Medicare trust fund. In addition, Titus fought to include a provision in Wall Street reform legislation that protects seniors from predatory lending involving reverse mortgages. Her work will help ensure that seniors do not fall victim to predatory practices and lose the equity they have built up in their homes through a lifetime of hard work.