Preventing a Social Security benefit cut

By Sen. Bernie Sanders (I-Vt.) - 09/18/09 11:41 AM ET

Unless Congress acts soon, for the first time since 1975 senior citizens will not be receiving a cost-of-living adjustment in their Social Security benefits in the coming year. This would mean that monthly Social Security payments would drop for millions of retirees because Medicare prescription drug premiums, which are deducted from Social Security payments, are scheduled to increase. We cannot allow that to happen.

A failure to provide a Social Security COLA in 2010 for seniors could not come at a worse time. As a result of the most severe economic crisis since the Great Depression, our nation's seniors are experiencing a decline in their living standards. Many have seen their savings disappear, their pension funds in severe decline, the value of their homes dramatically diminished – all while poverty among seniors has gone up, as has the number of seniors declaring bankruptcy. At the same time, the costs of prescription drugs and health care continue to increase. Seniors deserve a fair increase in benefits to keep up with these added costs and economic hardships.