Below is a statement from Rep. Bill Keating on the Social Security Administration's announcement that there will be a Social Security Cost-of-Living Adjustment starting January 2012.
"For the past two years, our seniors have been dealing with decreasing savings and increasing costs without the help of a Social Security COLA. The very term "cost-of-living" reflects the fact that everyday expenses change -- often for the greater. The strain this has put on our seniors had many living check to check and many more sacrificing basic necessities just to get by.
"Social Security is a fundamental promise that each and every American should be able to rely on. We need to reaffirm that promise instead of promoting changes that will threaten the ability of our seniors to retire with dignity."