The annual cost-of-living adjustment was announced this week for social security beneficiaries. The 0.3 percent increase will amount to less than $4 per month for the current average monthly Social Security payment of $1,238.
The Vermont senator says this is not even close enough to cover rising senior poverty and prescription drug prices.
Sanders issued the following statement:
“Seniors and disabled veterans need more help than a few extra dollars in their monthly checks. These are the people who built this country – our parents, our grandparents and our soldiers. At a time when senior poverty is going up and more than two-thirds of the elderly population rely on Social Security for more than half of their income, we must do everything we can to expand Social Security. Seniors and disabled veterans deserve a fair cost-of-living adjustment to keep up with the skyrocketing cost of prescription drugs and health care. Unfortunately, the increase announced today doesn’t come close to doing that.”
According to The Associated Press, this entire cost-of-living adjustment could be wiped out next year when Medicare Part B premiums increase.