Washington, D.C. - Congressman Dave Loebsack, in response to the announcement that the cost-of-living adjustment (COLA) for Social Security beneficiaries in 2013 will be 1.7 percent, called on the Social Security Administration (SSA) to reform the way this adjustment is calculated.
"I was raised in poverty by my grandmother, who relied on Social Security survivors benefits to care for my brothers and me, so I understand how difficult it is for seniors to get by on fixed incomes," wrote Loebsack. "Particularly in these difficult times, it is imperative that Social Security benefits keep up with inflation. It is important to remember that the yearly COLA is not a benefits increase, but rather it is intended to ensure that monthly payments keep up with the rising costs of essential expenses."
The COLA in 2012 was 3.6 percent, after two years of no COLA in 2010 or 2011. Loebsack urged the SSA to work with Congress to reform the way the adjustment is determined to ensure that benefits keep up with the increase in seniors` everyday expenses.
A copy of the letter sent by Loebsack can be found here.
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