House Democratic Caucus Seniors Task Force Leadership Statement on 2018 Social Security COLA Increase
Today, Seniors Task Force Chairs Reps. Doris Matsui (D-CA) and Jan Schakowsky (D-IL), along with Vice Chairs Reps. Lucille Roybal-Allard (D-CA), Joyce Beatty (D-OH), Michelle Lujan Grisham (D-NM), Debbie Dingell (D-MI), and Charlie Crist (D-FL), released the following statement on the announcement of a 2 percent Social Security COLA increase for beneficiaries:
“Today’s announcement of a 2 percent increase in the Social Security cost-of-living adjustment is welcome news after two years of virtually no inflationary adjustment – but it is not enough to help millions of seniors make ends meet.
“Two-thirds of retirees rely on Social Security for the majority of their income. For nearly 1 in 3 retirees, it represents 90% or more of their income. A two percent COLA – an average of $27 a month – isn’t adequate to help them deal with the rising costs of health care, food and transportation. That’s why the House Democratic Caucus Seniors Task Force is committed not just to protecting and expanding Social Security benefits but to lowering the cost of prescription drugs and other basic necessities.
“Retirees deserve a better deal – and Democrats will fight to make sure that they get it.”