The Social Security Cost Of Living Increase Is Not Keeping Up
Is the COLA (Cost Of Living Adjustment) losing its fizz? Many seniors now feel that the annual Social Security cost of living increase is failing to keep up with the soaring prices of everything from gas and heating bills to groceries and prescription drugs. As a result, seniors are suffering, and they’re suffering badly.
In 2005, for example, the Social Security cost of living increase was just 2.7 percent. But if you filled up your car at the gas pump, you probably noticed the 28 percent jump in gas prices. And when you paid your heating bill, you probably noticed that the price of home energy soared by double digits as well.
Meanwhile, the Federal Reserve kept raising its rate last year as well, meaning that seniors watched helplessly as their already diminished spending power was cut even further as they paid higher rates on credit card bills, car loans and adjustable rate mortgages.
The absence of a fair Social Security cost of living increase affects seniors in a very real way. Fran, a TREA Senior Citizens League (TSCL) member from New Hampshire, is typical of our members. She...
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