Schakowsky, Task Force on Aging & Families Applaud Historic Social Security Cost-Of-Living Increase

WASHINGTON - Following the announcement of the historic 8.7% Social Security cost-of-living increase, Congresswoman Jan Schakowsky, Co-Chair of the House Democratic Task Force on Aging & Families, and fellow members of House Democratic Task Force on Aging & Families leadership released the following statement:

"The House Democratic Caucus Task Force on Aging & Families celebrates the Biden Administration's announcement that Social Security recipients will receive a cost-of-living adjustment (COLA) of 8.7% – the highest increase in four decades. This historic increase will put more money in the pockets of the 70 million retirees, caregivers and people with disabilities who rely on these crucial benefits.

"Last month, the Biden Administration also announced that for the first time in more than a decade, premiums for Medicare Part B will decrease next year – by over $60 annually per beneficiary – rather than go up. This decrease, coupled with the Social Security COLA, will boost the budgets of one in five American households and help millions of families make ends meet.

"While Democrats have passed meaningful legislation to address the skyrocketing cost of prescription drugs and lower costs for those relying on Social Security and Medicare, Republicans are planning to put these critical lifelines on the chopping block after five years. While Republicans do not think these programs are worth protecting, House Democrats will always put seniors, people with disabilities and caregivers over politics."

The Task Force is led by Co-Chairs Reps. Jan Schakowsky (IL-09), Doris Matsui (CA-06) and Conor Lamb (PA-17) along with Vice Chairs Reps. Debbie Dingell (MI-12) and Ayanna Pressley (MA-07).

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