Nolan Calls For Significantly Higher Social Security Cost of Living Adjustment
Following the Social Security Administration’s announcement of a .3% Cost of Living Adjustment (COLA) for 2017, U.S. Rep. Rick Nolan today renewed his call for Congress to intervene and provide a fair COLA for America’s seniors.
“While this increase is better than nothing, it is not nearly enough to compensate for the fact that seniors received NO increase at all in 2016,” Nolan said. “The urgent need for Congress to pass my bill to provide the nation’s 60 million Social Security recipients with an emergency, one-time 3.9% Cost of Living Adjustment has never been more evident.”
Nolan’s Fair COLA for Seniors Act provides a one-time 3.9% payment that coincides with the average salary increase the heads of America’s 350 largest corporations received from 2013 to 2014. Moreover, the bill directs that future cost of living adjustments be based on the Consumer Price Index for the Elderly (CPI-E). This calculation most accurately reflects the comparatively higher portions of their income that retired people generally pay for health care, housing and transportation. His legislation has the endorsement of the National Committee to Preserve Social Security and Medicare, the leading advocacy group fighting to protect Social Security and Medicare.
“As I have said many times before, we have plenty of time to fix what needs fixing without resorting to risky Republican privatization schemes that would turn Social Security over to billionaire Wall Street bankers, along with billions of dollars in management and administrative fees to boost their profits even higher. While we continue to fight privatization and ensure the integrity of Social Security for generations to come, our Fair COLA for Seniors Act would provide more fairness for the system and give seniors a well-earned boost.”
In addition, because inflation often hits seniors hardest, and because more than 50% of all Americans lack any significant retirement savings except Social Security, Nolan has cosponsored legislation to guarantee that lower-income recipients receive a cost of living increase of at least 3% cost every year.
In Minnesota’s 8th Congressional District, there are more seniors receiving earned benefits – more than 163,000 – than any of the other seven districts in Minnesota. Social Security benefits across our region total about $1.9 million every month and average $1,281.00.