Washington, DC – U.S. Senator Kirsten Gillibrand, a member of the Senate Aging Committee, today released the following statement regarding the Social Security Administration’s announcement of a 2.8 percent Cost-of-Living Adjustment (COLA) for 2019 Social Security benefits:
“Today’s announcement from the Trump Administration of just a 2.8% cost of living adjustment for seniors on their Social Security is inadequate. At a time when Congress is rewarding their corporate donors with tax breaks for investments overseas, they continue to shortchange our seniors. This cost of living adjustment is not enough in the face of rising costs for seniors who contributed their earnings into Social Security their whole working lives.
“As an original cosponsor of the Social Security Expansion Act, which would change COLA increases to reflect what seniors actually spend their money on, including skyrocketing health care costs and prescription drugs, I am calling on Congress to consider this legislation immediately. By using a Consumer Price Index for elderly consumers, every year seniors would be able to receive increased benefits. The Social Security Expansion Act would also ensure that all Americans pay their fair share, and it would increase minimum benefits and extend the Social Security trust fund for more than six decades.
“Our Seniors should not be living one large expense away from poverty. Congress should listen to the American people and strengthen and expand Social Security, and one step we should immediately take is to make sure that benefits cover the expenses seniors face every day.”