Congressman Eliot Engel, a founding Member of the Expand Social Security Caucus, said next year's announced Social Security Cost of Living Adjustment (COLA) of 2.8% for seniors was a welcome improvement over recent increases, but that we could do better.
"This country has a solemn duty to protect its seniors, and the best way to do that continues to be through Social Security," Engel said. "Annual COLA increases have varied from "paltry' to "barely adequate' in recent years, and though the 2019 increase is a welcome improvement, it still isn't enough. That's why I have introduced the "Guaranteed 3% COLA for Seniors Act,' which would ensure our seniors get the support they need.
"Current COLA increases are based on an outdated formula that doesn't adequately account for the expenses the average senior incurs, like medication costs. My bill would do two things: update the formula the government uses to one that better reflects the costs seniors typically face, and set a floor of 3% to ensure that every senior citizen receives at least a 3% COLA each year. At a time when Republicans in Congress are doing everything they can to cut safety net programs for seniors, I am doing everything I can to protect and expand them."