April 05, 2024

New York Senator Gillibrand Proposes Bill That Would Expand Social Security in Contrast to Republicans in Congress and Presidential Candidate Trump

Senator Kirsten Gillibrand announced legislation she said would expand social security benefits for seniors.

The Boosting Benefits & COLAs for Seniors Act would change the formula for the cost-of-living adjustments calculation, or COLA. The Social Security COLA is currently calculated using the consumer price index for urban wage earners and clerical workers.

Gillibrand said the bill would calculate COLAs using the consumer price index for the elderly instead.

“Social Security is a lifeline for older adults. For many, it’s their main source of income,” said Senator Gillibrand. “But benefits aren’t keeping pace with rising costs, leaving many older Americans struggling to afford the basics, particularly health care. The Boosting Benefits and COLAs for Seniors Act would factor the high cost of health care into Social Security benefit calculations and help make sure recipients aren’t forced to choose between paying for their medication and buying other necessities. Older adults have already spent a lifetime working, saving and contributing to Social Security. They deserve to retire comfortably, and I’m determined to pass this bill to help ensure they get to.”

The senator said the consumer price index for the elderly weighs the cost of health more highly in its measure of inflation. It is generally more reflective of the actual costs incurred by older adults.

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