Social Security & Cost of Living...2010

Sen. Sanders Set to Save Cost of Living Increase for Social Security Recipients

Due to the economic recession, Social Security trustees have projected that there will be no cost of living allowance (COLA) increase, which is tied to an inflation index, for 2010 and 2011. For many recipients, the lack of an adjustment will mean that their monthly checks will actually go down, because Medicare prescription drug payments deducted from Social Security are scheduled to increase next year. "Faced with these realities, it would simply be unacceptable for seniors on fixed incomes to not receive additional income in the coming year, something that hasn’t happened in over three decades," Sen. Bernie Sanders (I-VT) said in a statement. "As soon as Congress gets back in session, I will be introducing emergency legislation that will provide seniors with financial support during this coming year." The last time there was no Social Security COLA was in 1975.