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WASHINGTON, DC - Congressman Henry E. Brown, Jr. (R-SC), a constant advocate for senior citizens, lauded today’s determination by the Social Security Administration that 2009’s Social Security benefit will see a cost of living adjustment (COLA) of 5.8 percent. While this represents the largest COLA increase since 1982, the increase is directly tied to the past year’s dramatic rise in energy prices. After the announcement, Brown made the following statement:
“While today’s announcement means that our nation’s seniors will have more money in their pockets during these hard economic times, the increase is directly tied to the past year’s dramatic increase in energy prices. While short term price reductions are welcome, we cannot be fooled into thinking that the need for energy solutions has gone away.
As a long-time supporter of an ‘all of the above’ energy solution, I believe that this is yet another example of why we must act now to address our nation’s energy crisis.
America is abundant in all forms of energy resources and, while the lifting of the offshore ban was a historic step toward obtaining them, it is imperative that Congress act to prevent lawsuits from slowing down the process, ensure that states receive their share of the royalties in order to maximize the supply of all forms of American energy, bring down energy prices and make us less dependent on foreign and, often, enemy nations.”
The 5.8 percent Cost–of-Living Adjustment, which also forms the basis for increases in several different pension formulas for government retirees, will take affect January 2009 for about 50 million people who receive Social Security benefits, and at the end of this year for the 7 million recipients of Supplemental Security Income. For the average Social Security recipient, that will mean an extra $63 a month, with benefits rising from $1,090 to $1,153.
For more information about solutions to our nation’s energy challenge, visit Congressman Brown’s website: http://brown.house.gov/Issues/energy.html.
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