October 11, 2018
Statement by Retiree Leader Richard Fiesta on the 2.8% COLA Increase for Social Security Beneficiaries
The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the government’s announcement that there will be a 2.8% benefit increase for millions of Social Security beneficiaries, disabled veterans and federal retirees next year:
“The members of the Alliance for Retired Americans are pleased that there will be a small benefit increase of 2.8% for millions of Social Security beneficiaries in 2019.
“The average Social Security monthly benefit is a modest $1,400, meaning that millions of seniors, surviving spouses and people with disabilities really need this cost-of-living adjustment (COLA). However this COLA is not enough to keep up with the cost of health care and especially prescription drugs, which are far exceeding the rate of inflation. That is why we need to strengthen and expand Social Security with COLAs that reflect the real expenses seniors face.
“We urge Congress to adopt the formula known as the CPI-E, the Consumer Price Index for the Elderly, to calculate future COLAs. The CPI-E is based more on health care and housing costs, things that seniors actually spend their money on.
“And we urge every member of the House and Senate to join the Expand Social Security Congressional Caucus, a new congressional group committed to expanding, protecting and strengthening Social Security for all Americans. Announced in September, the Expand Social Security Caucus is now the largest congressional caucus with more than 150 members in both the House and Senate.”
Contact: David Blank – 202/637-5275 or firstname.lastname@example.org