THE NATIONAL COMMITTEE TO PRESERVE SOCIAL SECURITY & MEDICARE
~ Trusted ~ Independent ~ Effective ~

October 19, 2010

NEWS RELEASE

Leading Seniors' Advocate Applauds Majority Leader Reid's Decision to Put COLA Relief Bill on the Senate Agenda

"During these frightening economic times it's easy to understand why so many seniors are worried about news there will be no Social Security Cost of Living Adjustment (COLA) for the second year in a row.  However, it's important America 's retirees understand there is something they can do about the loss of a COLA, and that's to urge their representatives in Congress to support passage of COLA relief legislation.  Majority Leader Harry Reid has announced the Senate will vote on legislation providing a $250 payment to beneficiaries after the November election and we applaud his decision to consider this legislation, in spite of conservatives' defeat of a similar bill last year.  A vote has also been promised in the House with the White House offering its support, as well. 

Congressional leadership understands that despite a relatively low rate of inflation, seniors' costs are going up.  Health care costs especially are rising rapidly, and the elderly on fixed incomes spend a significantly larger share of their income on health care.  While health care reform is a desperately needed first step to turn that tide, the average senior can still expect to see 27% of his/her Social Security check eaten away by Medicare premiums and out-of-pocket costs next year.

The lack of a COLA in 2011 will not only freeze Social Security benefits again, but will reduce many monthly checks as Part D prescription drug premiums and other health care costs rise.  Providing a one-time payment to seniors is an economic strategy that works. The $250 stimulus payment passed in 2009 not only provided relief to millions of older Americans but was also proven to help stimulate our troubled economy." ...Barbara B. Kennelly, President and CEO

National Committee members and supporters recently signed more than 239,000 petitions to Congress urging the passage of legislation, such as The Seniors Protection Act introduced by Chairman Earl Pomeroy in the House and similar COLA legislation introduced by Senator Bernie Sanders in the Senate.  The National Committee's Viewpoint on the 2011 COLA can be found on our website here .

Media Inquiries to:
Pamela Causey 202-216-8378/202-236-2123
Kim Wright 202-216-8414
www.ncpssm.org