Petition to the Leadership of the Congress of the United States:
Boost Social Security Benefits NOW
Social Security is the major source of income for most of America’s elderly with 46% of retirees depending on Social Security for 90% or more of their income and an average monthly benefit of just $1,543.
The Social Security COLA has averaged just over 1.65% over the past ten years. In three of the past twelve years the COLA was 0%, far below the largest spending increase seniors’ face, which is spending on health care.
Older Americans spend on average 14% of their income on health care, yet those costs are not fully factored into the current COLA formula.
American families spend $1 trillion in Social Security benefits nationwide each year, providing vital economic stimulus to local businesses and state economies they wouldn’t have without Social Security.
Rather than calling for benefits cuts through proposals like raising the retirement age or a Chained CPI, we should be talking about boosting benefits, adopting the more accurate consumer price index for the elderly (CPI-E) and increasing the minimum benefit formula. This benefit improvement could be paid for by lifting the payroll wage cap.
I petition Congress to pass legislation that would increase Social Security benefits to provide a livable retirement for millions of Americans and their families, today and tomorrow.