Washington Watch: Congress Considers Making Relief a Reality - AARP Bulletin Advocacy

Congress Considers Making Relief a Reality

When , D-N.Y., goes grocery shopping in her Long Island district, she sees prices going up. When D-Ore., talks with older people in his state, he hears about higher fuel costs for the coming winter. What’s not going up, however, are Social Security payments. For the first time in decades, Social Security beneficiaries will not get a cost-of-living adjustment (COLA). DeFazio, McCarthy, , I-Vt., , R-N.C., and , R-Fla., are among those who have proposed a one-time payment to make up for the lack of COLA. But their efforts are facing a cost crunch. McCarthy has proposed a bill to provide relief of $150 per Social Security beneficiary, paid for by raising the amount of income subject to the FICA tax. That amount also is supposed to stay flat because of the lack of inflation, but raising it as if inflation were in play would bring in $8 billion—more than covering the plan’s $7.5 billion cost. DeFazio and Sanders would provide $250 in relief to all retirees and cover the $13.9 billion cost by applying the FICA tax to earnings between $250,000 and $359,000. AARP urges Congress to provide $250 in relief, says AARP CEO A. Barry Rand, because “skyrocketing health care costs, shattered nest eggs and now stagnant Social Security benefits” have hit older Americans particularly hard. Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

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