After it was announced that Social Security’s annual cost-of-living increase (COLA) would be 5.9 percent in 2022 for beneficiaries, the largest increase in the last 40 years, it signaled the right time for members of Congress to introduce Social Security 2100: A Sacred Trust for consideration.
U.S. Rep. John Larson, D-Connecticut said he plans to introduce the Social Security bill on the heels of the 2022 COLA announcement. The bill would permanently change the COLA formula for future years, repeal the agency’s Windfall Elimination Provision (WEP) and provide for benefit increases. Larson recently announced his plans to introduce the bill. Through a press release, Larson said the time was right to permanently fix Social Security’s issues.
“While this year’s Cost of Living Adjustment (COLA) is welcome news, it only further underscores the need for Congress to act on Social Security. It has been more than 50 years since Congress has improved Social Security benefits. Seniors are suffering – five million are living below the poverty line – current Social Security benefits are not enough! The COLA simply protects benefits against losing their purchasing power over time when the cost of rent, food, and other expenses increase, and is partially consumed by Medicare premiums,” said Larson. “Congress has failed seniors and that needs to change. Next week we will be introducing the bill, Social Security 2100: A Sacred Trust, to strengthen Social Security and expand benefits. The time is now to enhance Social Security.”
Many have talked about changing how Social Security determines the COLA increase each year because currently the increase is based on a form of inflation. When inflation increases in certain areas the COLA increase is larger and when inflation is low then the COLA is less than when inflation is higher.
