A reported low 0.3 percent cost of living adjustment (COLA) for seniors and veterans receiving Social Security has provoked the ire of U.S. Reps. Bruce Poliquin (R-ME) and Tom Reed (R-NY).
Poliquin, who introduced legislation last year to reform Social Security’s COLA formula, said veterans and seniors are paying more for everyday expenses like groceries, bills and gasoline.
“It’s simply unfair for them to be denied a sensible adjustment on their Social Security, which they’ve worked hard for and earned, while prices continue to rise,” Poliquin said.
Poliquin’s bill, the Give Our Seniors and Veterans the COLA They Deserve Act, would direct the General Services Administration (GSA) to sell unused buildings and to use the revenues to increase COLA for seniors and veterans.
“In Congress, I pushed hard for a COLA increase last year when it was reported that there wouldn’t be any for our seniors and veterans,” Poliquin said. “I have also voted against any increase in pay for members of Congress, like myself and have refused to take taxpayer-funded healthcare and retirement benefits offered to Congress. To me, it is completely unacceptable for Congress to take a pay raise or enjoy benefits when millions of Americans are seeing such menial adjustments to their Social Security. It’s not fair and it’s not right.”
Reed, meanwhile, said he has repeatedly called for a review of the Social Security COLA formula because he cares about seniors and those living on fixed incomes.
“It needs to be modified to reflect the realities of rising healthcare costs among other challenges that our seniors face,” Reed said. “They paid into the system their entire working lives. It’s not fair that retirees are forced to try to stretch their benefits even further.”