FOR IMMEDIATE RELEASE:
Thursday, October 12, 2023
Contact: Linda Benesch, lbenesc
Congress Should Improve Social Security’s Annual Cost-of-Living Adjustments — Not Reduce Them
(Washington, DC) — The following is a statement from Nancy Altman, President of Social Security Works, in response to the news that Social Security’s 2024 cost-of-living adjustment will be 3.2 percent:
“The annual cost-of-living adjustment is a reminder of Social Security’s unique importance. Unlike private-sector pension plans, whose benefits erode over time, Social Security is designed to keep up with rising prices.
The COLA is an essential feature of Social Security, but it is not a benefit increase. Social Security’s benefits remain inadequate by international standards. Congress should pass legislation to protect and expand benefits.
The Social Security 2100 Act (co-sponsored by 179 House Democrats) would do just that — as would the Social Security Expansion Act (co-sponsored by 10 Democratic Senators) and a number of other proposals. Several of these proposals also update the COLA formula to ensure that it accurately reflects the expenses beneficiaries face, including high health care costs.
In contrast, nearly every House Republican recently voted for a closed-door, fast-track commission that the White House has rightfully referred to as a “death panel” for Social Security and Medicare.
The last such Commission, Bowles-Simpson, recommended
Congress should expand Social Security, and improve annual COLAs, through regular order — not cut benefits behind closed doors.”
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