Chairman Crowley on Cost-of-Living Adjustment Increase for Seniors
(Washington, D.C.) – House Democratic Caucus Chairman Joe Crowley (D-NY) released the following statement after the Social Security Administration announced that beneficiaries will receive a 2.0 percent increase in their cost-of-living benefits next year:
“Social Security is an economic lifeline for millions of seniors in Queens, the Bronx, and across the country. After spending a lifetime working, this increase will bring some much-needed relief for beneficiaries. But it’s not enough, which is why I’ll continue fighting to strengthen and expand Social Security and fight back against attempts to weaken the program.”
Signed into law by President Franklin D. Roosevelt in 1935, Social Security was created at a time when the American economy had crashed and was still struggling to recover. Pensions were almost non-existent and a majority of seniors were unable to support themselves after retirement. Today, more than 60 million Americans, including 3.5 million in New York, rely on Social Security’s guaranteed benefits for retirement security.
Since 1975, Social Security benefits have been automatically adjusted each year to maintain purchasing power, keeping millions of seniors from falling into poverty. Social Security beneficiaries will begin to see next year’s increased payments on January 1, 2018.