House lawmakers to propose emergency 3% Social Security cost-of-living adjustment

[Omaha Steve]

Source: CNBC

By Lorie Konish

The Social Security Administration announced this week that the cost-of-living adjustment for benefits in 2021 will be 1.3%.

For the average retirement benefit, that amounts to just a $20 increase per month.

Now, two Congressional Democrats — Reps. Peter DeFazio, D-Ore., and John Larson, D-Conn. — plan to propose a bill to raise that to a 3% emergency increase next year.

“Due to the Covid-19 pandemic, seniors are facing additional financial burdens in order to stay safe,” DeFazio said in a statement. “This absolutely anemic COLA won’t even come close to helping them afford even their everyday expenses, let alone those exacerbated by Covid-19.”



Read more: https://www.cnbc.com/2020/10/15/house-lawmakers-to-propose-emergency-3percent-social-security-cola.html

[Sherman A1]

1. Great proposal, but

that and two bucks will get you a cup of coffee. This ain't goin' nowhere.

[saidsimplesimon]

2. Twenty dollars isn't much for those who

are surviving on SS without other income.

[beachbumbob]

3. Going to 3% is a laugh if calling it an emergency increase

Makes sound so trite, more for headline than real help

[FuzzyRabbit]

4. So groceries went up only 1.3%?

And rent went up only 1.3%?

My rent went up $35.00. And my grocery bill is about $50 per month more.

[marie999]

5. Better than nothing but they should add no increase in Medicare.

[Star-Thrower]

6. I'm retired and I'm

also getting snap benefits. With every COLA increase SC SNAP sends me notification because of the COLA increase my snap benefits will be decreased. When I originally applied I received $165 in benefits. They have taken me down from that to $91.00 dollars a month. Does anyone know if other states do this? They say you can ask for a hearing but the odds of winning are 0. But hey, this is South Carolina.

[LogicFirst]

7. Medicare premium increase will take my COLA amount.

Milk has gone up 40% this year.