Rep. Kind Urges Committee To Hold Hearing On Social Security COLA
U.S. Rep. Ron Kind (D-WI) today urged the Ways and Mean Social Security Subcommittee to hold a hearing examining the lack of cost of living adjustment (COLA) to be provided to Social Security recipients in 2010.
Social Security is an important program that helps us provide for our seniors, said Rep. Ron Kind. In an economic downturn, any impact on a senior's income is felt particularly hard. In addition, with rising health care and housing costs, seniors across the state have expressed concern about receiving no adjustment. We must take a look at the zero percent COLA to be provided next year to make sure we are treating our seniors fairly.
Each year, the Social Security Administration uses a formula set by law to determine the COLA for Social Security recipients. Due to low inflation, for the first time since 1975, recipients will not receive a cost of living adjustment in 2010. At this time, more than 50 million people receive Social Security.