[Congressional Record Volume 156, Number 165 (Tuesday, December 14, 2010)]
[Extensions of Remarks]
[Page E2119]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     SENIORS PROTECTION ACT OF 2010

                                 ______
                                 

                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                      Wednesday, December 8, 2010

  Mr. HOLT. Mr. Speaker, as a cosponsor of the Seniors Protection Act 
of 2010, I rise to express support for this important bill.
  Last week, the House had the opportunity to provide relief for 
millions of seniors, veterans, and disabled individuals.
  For 75 years, and through numerous recessions, Social Security has 
been a steady source of income. Since 1975, Congress has implemented 
automatic cost-of-living-adjustments for Social Security to guarantee 
that Social Security benefits are protected against the effects of 
inflation.
  The cost-of-living-adjustment for Social Security is calculated 
automatically using data on inflation published by the Bureau of Labor 
Statistics and is not a deliberate decision by Congress. I support a 
fairer cost-of-living calculation for Social Security in order to keep 
pace with the actual increases in the true costs of living for seniors. 
That is why I am a cosponsor of H.R. 2365, the Consumer Price Index for 
Elderly Consumers Act of 2009, which would change the calculation of 
the cost-of-living-adjustment for Social Security to reflect 
consumption patterns which are typical for seniors.
  For the first time ever, there will be no automatic cost-of-living-
adjustment for Social Security for the second consecutive year. Since 
there was no cost-of-living-adjustment increase for 2010, the formula 
used to calculate the adjustment required a comparison with 2008 costs, 
a year when prices were historically high. Even through the average 
costs of health care, food, and other essentials did increase this year 
compared to 2009 that was not considered by the formula. Unfortunately, 
this resulted in no increase in monthly benefits for millions of 
Americans who depend on Social Security, SSI, VA Pension and 
Compensation, and Railroad Retirement for the second year in a row 
while their real costs of living have gone up.
  American seniors, disabled workers, and survivors or spouses and 
children of retired or disabled workers rely on Social Security 
benefits. For example, 60 percent of American seniors rely on Social 
Security for a majority of their income and 30 percent of seniors rely 
on Social Security for more than 90 percent of their income. With 
Social Security benefits being modest, only $14,000 for the average 
retiree, the lack of a cost-of-living-adjustment is troubling.
  The Seniors Protection Act of 2010 would provide Social Security 
beneficiaries with a one-time payment of $250 to offset the lack of a 
cost-of-living-adjustment. This bill would provide relief for 54 
million seniors, veterans, and disabled individuals. In my state of New 
Jersey, this bill will provide assistance to over 1.5 million 
individuals.
  Since its inception in 1935, Social Security has provided a 
guaranteed benefit to hundreds of millions of retired and disabled 
workers and their families. For seniors, Social Security has provided 
financial security, independence, and dignity in their retirement 
years. I believe that Congress has a duty to ensure that their benefits 
are protected.
  Congress had a chance to provide relief to millions of Social 
Security beneficiaries with a one-time $250 payment. Unfortunately, 
Republicans blocked this measure that would have provided much needed 
relief to our seniors, veterans, and disabled Americans.

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