Shortly after the Social Security Administration officially announced a 1.3% Cost-of-Living Adjusment (COLA) in October, House Representatives Peter DeFazio (D-OR) and John Larson (D-CT) introduced legislation proposing to override the formula that determines annual raises and issue a 3% COLA for 2021.
At 1.3%, next year’s COLA raise would increase the average beneficiary’s monthly benefit by about $20—hardly an impactful amount during COVID-19’s economic rampage. The Emergency Social Security COLA for 2021 Act would more than double that amount if passed, a welcome and badly needed boost for vulnerable beneficiaries.
Introduced on October 16, the bill currently has 95 cosponsors.
But nearly two months later, we’ve heard nothing about the progress of this bill. It remains in the Ways and Means Committee awaiting action, leaving millions of seniors asking…
…what happened to our 3% COLA increase?