[Congressional Record Volume 155, Number 149 (Thursday, October 15, 2009)]
[Extensions of Remarks]
[Page E2564]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               SOCIAL SECURITY COST OF LIVING ADJUSTMENT

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                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                       Thursday, October 15, 2009

  Mr. LANGEVIN. Madam Speaker, I rise today in support of the 
President's call to provide assistance to our nation's elderly, veteran 
and disabled citizens who will see no Cost of Living Adjustment (COLA) 
in their 2010 Social Security payments for the first time in over 40 
years.
  Since the Great Depression, Social Security has proven a vital 
safety-net program that has kept over half of our seniors from falling 
into poverty. It has been adjusted annually according to inflation to 
maintain the purchasing power of beneficiaries since 1975. In my home 
district, over 95,000 people collect Social Security benefits. This 
program provides 40 percent of all income received by elderly people in 
the United States, and supplies significant financial support for 
individuals with disabilities.
  Despite encouraging signs of economic stabilization, millions of 
vulnerable citizens continue to struggle in the wake of a recession 
that brought record housing foreclosures, job losses and bankruptcies. 
Particularly hard hit are older Americans who have seen the value of 
their assets and savings wiped out, forcing them to postpone retirement 
or reenter the workforce, if employment can be found.
  We must ensure that the purchasing power of older and disabled 
Americans remains strong. To that end, I look forward to working with 
my colleagues and the President to enact policies that will help 
rebuild retirement savings, restore lost asset value and achieve long-
lasting financial security and independence.

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