Seniors Protection Act Of 2010
Mr. Speaker, I rise in strong support of H.R. 5987, the Seniors Protection Act of 2010. Earlier this year, the Social Security Administration announced that for the second year in a row, Social Security beneficiaries would not be receiving…
Mr. Speaker, I rise in strong support of H.R. 5987, the Seniors Protection Act of 2010.
Earlier this year, the Social Security Administration announced that for the second year in a row, Social Security beneficiaries would not be receiving a Cost of Living Adjustment, COLA, increase for the second year in a row. This legislation provides seniors with an additional $250 payment, equivalent to about a 2 percent COLA, to Social Security beneficiaries next year.
A COLA increase is imperative for seniors who rely on their benefits to support themselves and their families. According to the Economic Policy Institute, 3.5 million seniors are below the poverty level. The Department of Labor estimates that almost half of the 2 million workers over the age of 55 have been unemployed for 6 months or longer. Yet as more seniors experience poverty as a result of the economic downturn, the calls for privatizing and cutting Social Security in the name of fiscal responsibility have grown louder. Privatizing Social Security will hurt the most vulnerable Americans such as women, minority communities and children--those Americans that are currently experiencing disproportionately the effects of the recession. The Congressional Budget Office estimates that the program is fiscally sound for another 40 plus years.
It is our responsibility to guarantee seniors an adequate income after a lifetime of paying into Social Security. We must shift the focus from cutting vital programs such as Social Security to reviving our domestic manufacturing sector as a means to put Americans back to work.
I urge my colleagues to support this legislation.