Democratic Leader Nancy Pelosi released the following statement today after the Social Security Administration announced that, starting in January 2012, Social Security beneficiaries will see their first Cost-of-Living Adjustment (COLA) in three years:
"Social Security is a bedrock promise to our seniors: that after a lifetime of work, Americans would know some small measure of protection in retirement. Increases in the Social Security COLA are central to keeping that promise -- helping seniors face the rising costs of basic necessities like food and housing. With today's announcement, America's seniors will once again receive this critical assistance.
"For two years, seniors have gone without a COLA, threatening their economic security in the midst of the economic downturn. During this time, Democrats tried repeatedly to fill this gap; yet, at every turn, Republicans opposed any action, choosing to deny our seniors this vital lifeline of stability and support.
"For today's seniors and for generations to come, we must reaffirm our fundamental commitment: to preserve and strengthen Social Security, not privatize it; to maintain this pillar of economic security, not undermine it. Democrats created Social Security, and we will protect it."