FOR IMMEDIATE RELEASE:
October 13th, 2022
Contact: Linda Benesch, lbenesc
The Social Security COLA is a Reminder of the Need to Expand, Not Cut, Benefits
(Washington, DC) — The following is a statement from Nancy Altman, President of Social Security Works, in response to the news that Social Security’s 2023 cost of living adjustment is 8.7%:
“The annual cost of living adjustment is one of Social Security’s most essential and unique features. Unlike private-sector pension plans, whose benefits erode over time, Social Security is designed to keep up with rising prices.
This year’s COLA, the largest in over forty years, is especially good news because it is paired with a rare decline in the Medicare Part B premium. That means that Social Security beneficiaries will have more money in their pockets next year.
As important as the COLA is, it is not a benefit increase. It simply ensures that seniors and other beneficiaries can tread water. Unfortunately, even with today’s COLA, many simply cannot make ends meet, because their earned Social Security benefits are inadequately low. Congress should pass legislation to protect and expand Social Security, and pay for it by requiring the wealthiest to contribute their fair share.
The Social Security 2100 Act, co-sponsored by about 90 percent of House Democrats, would do just that — as would a number of other proposals. These proposals also update the COLA formula to ensure that it accurately reflects the expenses beneficiaries face, including high health care costs.
In contrast, House Republicans have just announced plans to cut Social Security’s already modest benefits. To achieve their goal, they intend to take the entire global economy hostage by refusing to raise our nation’s debt limit unless Democrats agree to their demands, to cut both Social Security and Medicare.
Social Security’s annual cost of living adjustment is a reminder of how valuable Social Security is, but also of how modest the underlying benefits are. We must expand, not cut, benefits.”
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