    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (1999, Book II)]
    [October 19, 1999]
    [Pages 1824-1825]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on the Social Security Administration Cost-of-Living
    Adjustment
    October 19, 1999

        Today the Social Security Administration announced the cost-of-
    living adjustment (COLA) for next year's benefits. This announcement is
    a reminder that, for over 60 years, Social Security has been a
    cornerstone of American national policy that has enabled generations of
    Americans to retire with dignity. Each year millions of disabled and
    elderly Americans are lifted out of poverty by Social Security. As a
    result, poverty rates among the elderly are at the lowest level

    [[Page 1825]]

    ever recorded. The cost-of-living adjustment announced today ensure that
    Social Security benefits will continue to be an essential part of
    retirement and family security for all Americans.
        This year we have an historic opportunity to protect and strengthen
    Social Security, securing it for future generations of retirees. At a
    minimum, we should agree on a downpayment on reform by passing a Social
    Security lockbox that extends the life of Social Security to about 2050
    and pays down the debt by 2015. I remain committed to working with
    Congress to move forward in this area.