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MONTPELIER — Vermont Sens. Patrick Leahy and Bernie Sanders have joined Massachusetts Sen. Elizabeth Warren and 17 other Democrats in seeking a cost-of-living increase for seniors on Social Security.
The Seniors and Veterans Emergency Benefits Act, introduced by first-term Democrat Warren, seeks to provide a boost to about 70 million seniors, veterans and people with disabilities with a bonus payment of just under $600. The Social Security Administration determined in October that there will be no annual increase Jan. 1 for beneficiaries.
It will be just the third time in 40 years that beneficiaries do not see an increase in the benefit.
Social Security benefits are tied to the consumer price index for urban wage earners and clerical workers, so benefits rise when consumer prices go up. But the bill’s sponsors say the formula Congress uses to determine inflation does not reflect what seniors actually spend.
Seniors typically spend more than the average American on medicine and medical needs and less on consumer products like televisions. Official government data show the cost of core goods and services is up about 2 percent, but Social Security benefits are not slated to rise accordingly.
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