Meng Helps Introduce Legislation to Provide Seniors Emergency Social Security Cost of Living Increase

WASHINGTON, D.C. – Following the Social Security Administration's (SSA) announcement of a meager 1.3 percent cost-of-living adjustment (COLA) for Social Security beneficiaries in 2021, U.S. Rep. Grace Meng (D-Queens), in collaboration with Reps. Peter DeFazio (D-OR) and John Larson (D-CT), have proposed emergency legislation to increase the 2021 COLA to 3 percent.

"COVID-19 has brought unprecedented suffering for millions of Americans, especially seniors who have struggled to afford everyday expenses," said Meng. "The meager 1.3 percent cost-of-living adjustment is simply insufficient for those who depend on this critical social safety net program, and demonstrates a need for long-term fix to the COLA formula. I'm honored to help introduce legislation that would ensure our seniors have the financial support they need and deserve, especially during this time of crisis. I thank Reps. DeFazio and Larson for their leadership on this issue, and I look forward to it becoming law."

According to the Senior Citizens League, COLAs averaged 3 percent between 1999 and 2009. Over the past decade, however, annual COLAs have averaged just 1.4 percent. In fact, of the years in which the Social Security COLA has been increased, 1.3 percent is the second lowest increase.

The recent announcement continues the distressing trend of inadequate annual Social Security COLAs. As a result, the purchasing power of the Social Security COLA has continued to decline along with seniors' standard of living. Social Security recipients have lost nearly a third of their buying power since 2000.

In addition to ever-rising health care and prescription drug costs, COVID-19 has disproportionately affected seniors' cost-of-living in other areas, including increased costs for food and nutrition, deliveries, energy and heating, out-of-pocket costs for COVID-19 treatment, and more. Other added costs include personal protective equipment and cleaning supplies, as well as internet and data plans which are needed to help counter the negative effects of isolation.