Statement by AFL-CIO President Richard Trumka on Social Security’s annual cost-of-living adjustment (COLA) increase of 0.3 percent:
A weak increase that amounts to a mere $5.00 more a month for the average retired worker is a disappointment for the millions who rely on Social Security to stay afloat during retirement. Protecting our seniors against inflation is one of the many obligations we have to retired Americans. The 2017 adjustment falls short of that goal because it fails to reflect seniors’ extraordinary expenses.
The 2017 COLA not only fails to keep pace with seniors’ high health care and prescription drug costs, it also means millions of retirees, including many retired public employees, will be hit hard because the law fails to protect them against large Medicare Part B premium increases when inflation is low. State Medicaid budgets that cover Medicare premiums for low-income seniors similarly will be affected. We urge Congress to step in and limit the coming financial blow to thousands of vulnerable retirees and state budgets.
Contact: Josh Goldstein (202) 637-5018