Schakowsky Statement on Social Security Cost of Living Announcement
Today, Congresswoman Jan Schakowsky released the following statement after the Social Security Administration announced a cost-of-living-adjustment (COLA) for 2017 of 0.3%:
“Today’s announcement that the Social Security cost-of-living adjustment (COLA) for 2017 will be just three-tenths of one percent is unwelcome news for millions of retirees and their families, particularly when they had no COLA at all in 2016. At the same time that older Americans see almost no increase in their earned benefits, they continue to face higher prescription drug, health care and other costs in their daily lives. The result is further strain on already stretched budgets.
That is why I am fighting for a more accurate COLA formula, using the CPI-E, to account for the real-life cost increases facing senior citizens. Seniors spend more of their household budgets on health care costs, which are increasing faster than inflation. I am also working hard to lower prescription drug prices by allowing Medicare to negotiate drug prices and requiring greater disclosure by pharmaceutical corporations.
As co-chair of the House Democratic Caucus Seniors Task Force, I am committed to improving the financial security of retirees.”