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The Senior Citizens League believes Congress must address the loss of buying power by adopting the Consumer Price Index for Elderly Consumers Act. If signed into law, H.R. 1251 would base the COLA on the more fair and adequate CPI-E. Currently, COLAs are based on the Consumer Price Index for Urban Wage Earners, and they fail to keep pace with the inflation experienced by older Americans since goods like gasoline and electronics are weighted more heavily than health care and housing costs..Legislation introduced by Senator Bernie Sanders and a similar bill introduced by Representative John Larson would provide a boost in Social Security benefits by about to for most recipients, would increase cost of living adjustments by basing the increase on the CPI-E. It would pay for the expanded benefits and restore long - term solvency to the program by making the wealthiest Americans pay their fair share of taxes. Under current law those earning more than 8,500 pay nothing on earnings over that amount..A major move is underway to reduce government spending on Social Security by cutting the growth rate in annual cost-of-living adjustments. What would it cost you? Here are answers to some of your most frequently asked questions:.You can also get one-on-one counseling and assistance in applying through your State Health Insurance Program. Find the contact for your area online at: shiptacenter.org..Wednesday's report also revealed a new projection for next year's Social Security cost-of-living adjustment. According to the Consumer Price Index for Urban Wage Earners, consumer prices have been lower this year than they were last year, which means there will likely be no COLA come January. Automatic COLAs were adopted forty years ago and so far, beneficiaries have gone without annual increases only twice in 2010 and 2011..Develop a second career or sideline income - Turn your passion.Adopting a more accurate and adequate COLA that protects seniors against inflation;."While most of the provisions were supported by TSCL, we in no way support using Social Security and Medicare benefits as hostages in exchange for lifting the debt limit," says TSCL Chairman Ed Cates..The House of Representatives returned to work this week after the traditional August recess. The Senate, however, does not come back until next week.