Wednesday, October 19, 2011

Congressman Bobby Scott on 3.6% COLA increase for seniors

Virginia Congressman Bobby Scott

WASHINGTON, DC – Today, the Social Security Administration announced a Cost-of-Living Adjustment (COLA) of 3.6% for Social Security beneficiaries in 2012. This is the first increase for beneficiaries in two years. Congressman Robert C. “Bobby” Scott (VA-03) released the following statement:

“The statutory calculation that Social Security is required to use to determine the COLA has not produced an increase in two years, largely due to the weak economy. However, seniors have still had their budgets stretched by the rising cost of medical care, food, and housing. Today’s announcement will give millions of seniors much needed relief but there remains an ongoing debate in Washington on the future of Social Security. I am committed to protecting Social Security for present and future beneficiaries. Congress should be working to strengthen Social Security, not attempting to cut benefits to help offset unaffordable tax cuts. Social Security has been keeping its promise to our seniors for seventy-five years and I will keep fighting to ensure we continue to keep that promise.”

For more information about the 2012 Cost-of-Living Adjustment for Social Security beneficiaries, please visit: www.socialsecurity.gov/cola.

Posted By Valerie Garner

Categories: Finance, National, Politics

Tags: , , ,

Comments (1)

Jack Mcguire

October 19th, 2011 at 3:38 PM    


I have no problem with raises for those on SS. I do however have a problem with reducing the amount people pay in through bogus so called payroll tax cuts. If we want to cut taxes,great! But take it out of Fed income tax instead.

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