Quote of the Day
"The U.S. economy expanded at a faster clip than initially forecast in the third quarter, helped by more robust consumer spending and by stronger exports. The economy grew at a 2.5% annualized pace in the quarter, revised up from the initial estimate of 2.0%, the government said in its second estimate of quarterly gross domestic product. GDP growth was 1.7% during the second quarter.”
- Wall Street Journal’s MarketWatch, 11/23/2010
For Release: Friday, October 15, 2010
Contact: David Gillies: 202-225-5661
CONGRESS TO TAKE ACTION ON NO SOCIAL SECURITY COLA INCREASE
WASHINGTON – Following today’s announcement by the Social Security Administration that there will be no cost-of-living adjustment (COLA) for Social Security recipients in 2011, U.S. Congressman Jerry Costello (D-IL) reaffirmed his support of H.R. 5987, the Seniors Protection Act, of which he is a cosponsor. This legislation would provide a $250 payment in lieu of a zero COLA – which equals a 20% increase to the average recipient – to the roughly 54 million Americans who, for the second year in a row, will see no increase in their monthly Social Security, SSI, VA Pension and Compensation, and Railroad Retirement benefits.
Last week, Costello sent a letter to the House leadership urging them to bring H.R. 5987 to the floor when Congress reconvenes in November, and House leaders announced this week that they will do so. The legislation is expected to be fully paid for. Additionally, Costello is a cosponsor of H.R. 2365, the Consumer Price Index for Elderly Consumers Act, which would base the COLA on calculations that better reflect the cost of living for seniors.
“I firmly believe seniors should receive a cost of living adjustment, which is critical in assisting millions of Americans struggling to make ends meet,” said Costello. “I have always been a strong supporter of our existing Social Security program, and I will continue to advocate for measures to provide seniors with adequate benefits.”
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