Group Urges Emergency Increase To Social Security Benefits
July 27, 2008
A grassroots advocacy group has urged Congress to authorize an emergency increase in the annual cost of living adjustment (COLA) to Social Security benefits.
RetireSafe, a Virginia-based group, argues that the nation’s economic downturn has been most painful for those living on fixed incomes. The emergency increase would help ease the burden of rising food and energy costs for retirees.
“Price inflation continues to hit seniors particularly hard. They are living on a fixed income and have no opportunities to increase their income,” said RetireSafe President Michelle Plasari. “With a COLA increase of 2.3 percent, the average senior living on Social Security received a raise of about $288 this year—hardly enough to keep up with their rising cost of living.”
The group believes that the increase should be included in any additional economic stimulus package that Congress passes. Consumer goods cost five percent more today than a year ago, and energy costs have risen 6.6% since May, according to the U.S. Department of Labor.
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