Statement: Social Security COLA of Only 0.3 Percent Causes Benefits to Erode Yet Again

FOR IMMEDIATE RELEASE
Tuesday, October 18th, 2016

Contact:
Linda Benesch, lbenesch@socialsecurityworks.org

Social Security COLA of Only 0.3 Percent
Causes Benefits to Erode Yet Again

The following is a statement from Nancy Altman, founding co-director of Social Security Works, on today’s announcement that Social Security’s 2017 cost of living adjustment is only 0.3 percent.

“Seniors and Americans with disabilities are facing rising costs, particularly from prescription drugs and other medical expenses. Unfortunately, next year will follow recent tradition by giving Social Security beneficiaries a woefully inadequate cost of living increase.

It is time for Congress to change the index used to calculate the COLA to reflect the real expenses beneficiaries face – an idea endorsed by this year’s Democratic Party Platform.”

— Nancy Altman, founding co-director, Social Security Works

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Social Security Works is the convening group in the Strengthen Social Security Campaign, a coalition comprised of more than 350 national and state organizations representing more than 50 million Americans from many of the nation’s leading aging, labor, disability, women’s, children, consumer, civil rights and equality organizations.