WRITTEN AND CONTRIBUTED BY KHAMERON RILEY
What You Need To Know:
Social Security and Supplemental Security Income (SSI) benefits for nearly 70 million Americans will increase by almost six percent next year, marking its biggest increase in nearly 40 years. The Agency announced Wednesday that seniors will see a 5.9 percent cost-of-living-adjustment (COLA) starting next year.
Richard Fiesta, Executive Director of The Alliance for Retired Americans, said this increase will “amount to an additional $92 a month for the average retired worker.”
This increase is certainly welcome, but too many elders will still struggle to make ends meet. President Biden’s Build Back Better Plan is another victim of the 60-vote stone wall that is the filibuster. This law, however, will allow Medicare to negotiate the cost of prescription drugs, which will lower the prices that seniors are paying at the counter.
With over 5 million seniors living below the poverty line, it’s evident that current Social Security benefits are not enough. These changes come as fears over inflation have arisen in recent months amid an increase in prices, adding further pressure to the White House as the nation’s economy recovers from the COVID-19 pandemic.
Why You Need to Know:
Make no mistake. This COLA is the bare minimum we can do for beneficiaries of SSI benefits. If the filibuster is destroyed, we can do more. There are so many seniors living below the poverty line that it’s insulting to see our leaders in Washington play with their lives as they refuse to raise the debt ceiling.