If signed into law, the Consumer Price Index for Elderly Consumers Act would amend the Social Security Act with regard to the annual cost-of-living adjustment for Social Security benefits. Currently, the COLA is based upon the spending patterns of young, urban workers using the CPI for Urban Wage Earners. This legislation would calculate the COLA based on the spending patterns of seniors by using the CPI-E..Once lawmakers return from next week's holiday break, they will have just a few days to pass a continuing resolution to keep most of the federal government operating past December 7th. Should they fail to reach an agreement before then, part of the federal government will shut down like it did earlier this year. The Senior Citizens League is hopeful that lawmakers will act responsibly to keep the federal government fully funded so that essential programs like Social Security and Medicare can operate as smoothly as possible..Most surviving children would not be eligible for Notch Fairness Act benefits, but the issue should concern every single child of a Notch Baby. Recent Social Security reform proposals to attach a "price index" to the Social Security benefit formula would cut benefits for future retirees in a manner similar to the 1977 changes that led to the Notch. In addition, Congress thus far has taken no constructive non-partisan action to address Social Security's looming shortfall - meaning they may have to make very deep and abrupt cuts when they can no longer stall for time..TSCL enthusiastically supports the Strengthening Social Security Act since it would extend the solvency of the Trust Fund responsibly, while also making benefits for seniors more fair and accurate. We look forward to working with Sen. Harkin and Reps. Sanchez and Holt in the coming months to help build support for their bill..When food and other important costs rise faster than the Social Security COLA, that means that retirees aren't able to purchase as much with their benefits. This can lead to older consumers going without essentials. Research by Johnson has found that Social Security benefits have lost 30% of buying power since 2000. "We encourage everyone to consider who you may know that might need help with food costs," Johnson says "Perhaps you can drop off a few groceries, or share your next batch of home - made soups, chili, or stews with others you know," Johnson adds. "Mercifully, this list of prices will likely change in time, especially as we get COVID-19 under control and people return to work," Johnson says..This week, TSCL saw support grow for three bills in the House and one bill in the Senate. First, two new cosponsors signed on to the bipartisan CREATES Act of 2017, bringing the total up to nine. The new cosponsors are Representative Carol Shea-Porter and Representative Francis Rooney. If signed into law, the bill would increase competition in the prescription drug industry by encouraging generic and biosimilar drug manufacturers to introduce their products to the market more quickly..Last month the Trump administration reported that a future COVID-19 vaccine would be free for nearly all Americans, except for seniors with traditional Medicare coverage..Someone has left it on the kitchen table..TSCL believes this would help boost benefits and keep older women out of poverty, help them to enjoy better health, and contributing to their communities longer. We support legislative remedies like these and will be working to share our survey results in upcoming meetings with Members of Congress.
