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    Letter to House in Support of $250 Payment to Retirees

    July 30, 2010

    The Honorable Earl Pomeroy, Chairman
    Subcommittee on Social Security
    Committee on Ways and Means
    U. S. House of Representatives
    Washington, DC 20515

     

    Dear Mr. Chairman:

    On behalf of the millions of members and supporters of the National Committee to Preserve Social Security and Medicare, I am writing to applaud you for introducing H.R. 5987, the Seniors Protection Act of 2010, to provide a one-time $250 payment for retirees and other beneficiaries who are not receiving cost-of-living adjustments (COLAs). We share your concern about the hardship this is causing for retirees, veterans and people with disabilities who rely on Social Security, Supplemental Security Income, Veterans Pension and Compensation, and Railroad Retirement benefits.

    For the first time in history, there was no Social Security COLA in 2010, and it is expected that in October the Social Security Administration will announce that there will be no COLA in 2011. This means that seniors will once again have fewer resources, particularly as their out-of-pocket health care costs and Medicare Part D premiums continue to grow. Despite a relatively low rate of general inflation, health care costs continue to rise rapidly, and the elderly on fixed incomes spend a significantly larger share of their income on these health costs. At the same time, seniors have been especially hard hit by the decline in the value of employer pensions, IRAs and 401(k)s, as well as the steep drop in housing values.

    When the National Committee polled its members on how they were faring in the economic downturn, more than 97 percent of them answered YES to the question: "Do you believe your standard of living will suffer if no COLA is provided to seniors for the next two years?" We look forward to working with you to ensure passage of your legislation to provide a $250 payment to retirees to help prevent undue financial hardship during these difficult economic times.

    Cordially,

    Barbara B. Kennelly
    President & CEO