Rep. Walter Jones (R-NC) introduced a bill on September 14, 2009 that would provide for an emergency Cost of Living Allowance (COLA) for Social Security in 2010. Social Security receives it annual increase based on the Consumer Price Index (CPI), which must be greater than zero for an increase to take place. Currently, the CPI-W would have to increase more than an unlikely 2.0% to get out of negative territory.
Republican are often falsely criticized by the left for wanting to abolish Social Security.
It remains to be seen if this will affect Veterans Compensation and Pension which also receives it's annual COLA based on the CPI-W model.
Full text of the bill below:
HR 3557 IH
111th CONGRESS
1st Session
H. R. 3557
To provide an emergency cost-of-living increase for Social Security benefits for 2010.
IN THE HOUSE OF REPRESENTATIVES
September 14, 2009
Mr. JONES introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To provide an emergency cost-of-living increase for Social Security benefits for 2010.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. EMERGENCY COST-OF-LIVING INCREASE FOR SOCIAL SECURITY BENEFITS FOR 2010.
Notwithstanding any provision of section 215(i) of the Social Security Act (42 U.S.C. 415(i)) to the contrary--
(1) for purposes of such section 215(i), the applicable increase percentage (as defined in section 215(i)(1)(C) of such Act) with respect to the base quarter (as defined in section 215(i)(1)(A)(i) of such Act) in 2009 shall be deemed to be equal to the average of the 10 applicable increase percentages (as so defined) with respect to the base quarters (as so defined) in the 10 calendar years preceding 2009 (rounded to the nearest one-tenth of 1 percent); and
(2) for purposes of such section 215(i) (and any provision of law cross-referring to such section 215(i) or otherwise providing for increases based on increases occurring under such section 215(i)), the increase under section 215(i)(2)(A)(ii) of such Act resulting from the application of this section shall be deemed to be an increase under such section 215(i) and not a general benefit increase.
Comments
i am sending to this email address
I read here - www.savingtoinvest.com/2009/10/extra-250-for-social-security.html - that the $250 payment from this bill could be paid out in april-may 2010. Any confirmation of this?
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