Congresswoman Carol Shea-Porter today announced that the House of Representatives will vote on legislation to provide $250 checks to Social Security recipients when Congress returns to session. Congresswoman Shea-Porter is an original cosponsor of this bill, the Seniors Protection Act (H.R. 5987). The Social Security Administration announced today that there will be no cost-of-living adjustment (COLA) for Social Security benefits in 2011.
"Social Security recipients need help during this difficult economic time," said Congresswoman Carol Shea-Porter. "That is why I am an original cosponsor of this bill and that is why I will support it when it comes to the House floor in the coming weeks."
The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), published on a monthly basis by the Bureau of Labor Statistics. The COLA is calculated by comparing the CPI-W from the third quarter of the current year to the last third quarter that resulted in a COLA. If the difference is positive, then the difference is applied to benefits the following January. The formula to compute a COLA was enacted by Congress in the 1970s.