Millions of older Americans have been hard hit by the economic downturn and depend on Social Security now more than ever to make ends meet. As money flies out the door in Washington, bailing out Wall Street, banks and the automakers, it is a shame that our nation’s seniors may be forced to cut back even more.

 

The annual Social Security cost-of-living-adjustment (COLA) is measured by inflation; if inflation decreases then Social Security benefits stay the same. Reports that there will be no Social Security COLA this year are based on predictions that inflation will fall. COLA’s are typically announced by the Department of Labor in October of each year. An official decision for 2010 has not been announced by the Obama administration.

 

As Congress returns to Washington, I will advocate for a fair COLA that accurately reflects the true cost of goods and services seniors rely on, especially rising health care costs.