Navigation Links
Millions of Seniors to Receive Smaller Social Security Checks in 2010: TSCL First National Group to Call for Emergency COLA Legislation
Date:9/2/2009

WASHINGTON, Sept. 2 /PRNewswire-USNewswire/ -- Millions of seniors will receive smaller Social Security checks next year, and none of the 37 million seniors who receive Social Security will get an increase, according to an August forecast from the Congressional Budget Office (CBO). The CBO is also forecasting a zero COLA for 2011.

In June, The Senior Citizens League (TSCL) became the first national group to call for an Emergency COLA for 2010. Since then, Sen. Bernie Sanders (I-VT) announced plans to introduce an Emergency COLA bill, expected later this month.

Next year would mark the first time since automatic Cost of Living Adjustments (COLA) went into effect in 1975 that seniors would fail to get an increase. Since automatic raises were established, seniors have never failed to receive an annual increase of less than 1.3 percent.

Millions of seniors will receive cuts due to the soaring costs of prescription drug plans, which many beneficiaries have automatically deducted from Social Security checks.

"Just as more seniors than ever before are slipping into poverty and filing bankruptcy, the government thinks it's acceptable to eliminate COLAs and cut benefits," said Daniel O'Connell, chairman of The Senior Citizens League. "We wholeheartedly support any effort in Congress that would provide seniors with an Emergency COLA next year."

Almost 70 percent of beneficiaries depend on Social Security for 50 percent or more of their income. Social Security is the sole source of income for 15 percent of beneficiaries.

See "Night in America," our latest video about seniors at risk, at www.YouTube.com/SeniorCitizensLeague.

Proponents of a zero COLA argue for its fairness in a deflationary period. But they do not mention that the way the COLA is calculated does not accurately track senior costs. TSCL supports a change in the Consumer Price Index (CPI) used to determine the COLA.

The government currently calculates the COLA based on the CPI for Urban Wage Earners and Clerical Workers (CPI-W), a slow-rising index that tracks the spending habits of younger workers who don't spend as much of their income on health expenditures.

However, the government does track the spending patterns of older Americans, and has done so since 1983 with the CPI for Elderly Consumers, or CPI-E. By tying the annual increase in the COLA to the CPI-E, seniors would see much needed relief in their monthly checks. For example, a senior who retired with a monthly benefit of $676 in 1984 would have received $17,596 more throughout their retirement with the CPI-E.

TSCL supports two CPI-E bills in the current Congress: H.R. 2429 and H.R. 2365, as well as any impending Emergency COLA legislation.

With 1.2 million supporters, The Senior Citizens League (www.SeniorsLeague.org) is one of the nation's largest nonpartisan seniors groups. TSCL is a proud affiliate of The Retired Enlisted Association.


'/>"/>
SOURCE The Senior Citizens League
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Hospitals Could Improve Outcomes for Patients and Save Millions According to Hill-Rom 10th Annual Pressure Ulcer Survey
2. Congress Poised to Add Millions of Uninsured Children to Successful, Bipartisan Health Plan
3. Academy releases emergency preparedness tools to enable millions more people to shelter in place
4. Billions Directed to Baghdad ... Millions Rejected for Children
5. New Study Shows Arthritis Significantly Limits Millions of Americans Ability to Work
6. Saving Millions of Childrens Lives Is Possible
7. TransMedia Group to Open Curtain on Innovative Hospital Bed Curtain that Will Save Millions in Maintenance
8. Report Shows Millions May Be Driving with Uncorrected Visual Impairments
9. Thanks to Homecare, Millions of Older Americans Celebrate Thanksgiving and Other Holidays at Home
10. Mitts Millions Cant Buy Iowans Health Care Reform
11. 32nd Annual Hutch Holiday Gala Raises Millions for Cancer Research
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... ... March 24, 2017 , ... Mlynarek Insurance Agencies, a ... and business owners across eastern Michigan, is connecting with the Oxford/Orion FISH Food ... difficulties. , The Oxford/Orion FISH Food Pantry works to ensure homeless, hungry, and ...
(Date:3/24/2017)... ... March 24, 2017 , ... As the standards bearer of ... platform that positions them as the go-to thought leader in all matters concerning ... as an always-on, always-fresh news, views and advocacy engine, called ONS Voice. , ...
(Date:3/24/2017)... ... 24, 2017 , ... The law firm of Enea, Scanlan & Sirignano, ... Westchester resident Lauren C. Enea has joined the firm as an associate attorney. Ms. ... practice in elder law, Medicaid planning and applications, and Wills, Trusts and Estates. ...
(Date:3/24/2017)... (PRWEB) , ... March 24, 2017 , ... ... the year of enhancements, upgrading their training and leads programs. , In February, ... Reserved for elite sales agents, Performance Partners is designed to teach how to ...
(Date:3/24/2017)... , ... March 24, 2017 , ... “End Time GPS”: ... salient events will interrelate. “End Time GPS” is the creation of published author, ... expert while working on military munitions and space-vehicle projects. Now, at age ninety-one, he ...
Breaking Medicine News(10 mins):
(Date:3/24/2017)... March 23, 2017  HealthMine surveys with 9,250 insured ... that health plan members want help from their plans ... engaged in their health, 2) help closing gaps in ... for health and 5) relevant, real-time guidance. Meeting these ... healthcare costs. A Reason to ...
(Date:3/23/2017)... Research and Markets has announced the addition of the ... report to their offering. ... The Global Cryostat Market is poised to grow ... reach approximately $3.5 billion by 2025. This industry report ... on global as well as regional levels presented in the research ...
(Date:3/23/2017)... LONDON , March 23, 2017 ... comprehensive research report created through extensive primary research ... research, the report aims to present the analysis ... basis of Procedure (Replacement and Repair); Replacement Procedure ... (TAVR)), Repair By Technique (Surgical Devices, Balloon Valvuloplasty, ...
Breaking Medicine Technology: