As inflation reaches its highest rate in three decades, U.S. Rep. Pete Stauber (R-MN) wants to help America’s senior citizens better plan for their future.
“With inflation recently reaching a 31-year-high thanks to Biden’s destructive economic policies, many Americans are left wondering how they should manage their personal finances,” Rep. Stauber said last Monday. “This is especially true for our seniors, many of whom live on a fixed income. America’s seniors deserve better.”
The congressman on Nov. 15 sponsored the Inflation Transparency for Seniors Act, H.R. 5980, with original cosponsor U.S. Rep. Tom Tiffany (R-WI) to add the Congressional Budget Office’s calculated inflation forecast to every Social Security Report, according to a bill summary provided by Rep. Stauber’s office.
“By introducing legislation that will provide seniors with transparency on inflation projections, this legislation will not only help them better plan for their future, but it will also help hold any administration accountable for enacting policies that place undue financial burden on the American people,” said Rep. Stauber.
Specifically, H.R. 5980 would amend the Social Security Act to require Social Security account statements to include 10-year projections of the Consumer Price Index for All Urban Consumers, according to the congressional record bill summary.
H.R. 5980 has been referred to the U.S. House Ways and Means Committee for consideration.