Capito Applauds COLA Increase For Seniors

Statement

Today, Congresswoman Shelley Moore Capito, R-W.Va., applauded the announcement by the Social Security Administration that senior citizens will receive a 3.6% cost-of-living adjustment (COLA) for the first time since 2009.

"When the economy struggles, often times it's senior citizens who are hit the hardest. Many of our parents and grandparents live on fixed incomes and do not have the ability to adjust their budgets to pay for higher prices at the gas pump and the grocery store. I'm pleased to see our seniors receive the extra help they deserve," stated Capito. "As our seniors struggle to make ends meet, the Administration continues to borrow and spend money we don't have. Like American families, it's time to stick to a budget and live within our means. The most important thing we can do to help seniors is to get our economy back on track so retirement accounts don't diminish unexpectedly, keep energy prices low and keep healthcare costs in check."

According to the Social Security Administration, a COLA is meant to ensure that Seniors' Supplemental Security Income (SSI) keeps up with inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year.

Source