Linda Sánchez Statement on 2018 Social Security COLA Increase
Washington, D.C. – U.S. Representative Linda Sánchez (CA-38), Vice Chair of the House Democratic Caucus and a member of the Social Security Subcommittee, released the following statement on news that beneficiaries will receive a 2 percent increase in Social Security benefits in 2018:
“This year’s 2 percent COLA increase in Social Security benefits is welcome news to nearly 59 million Americans. As our economy continues to improve, the rising cost of groceries, gas, and other goods has squeezed beneficiaries’ pocketbooks even tighter. Social Security provides vital economic security to older Americans and those living with disabilities, allowing them to live a life of dignity.
“While this COLA increase helps, I believe that Social Security needs to adopt a more accurate formula that will better keep pace with the increasing costs of prescription drugs, housing, and other necessities. I will continue to push for legislation that increases this earned benefit for current Social Security beneficiaries while also making the program stronger for future generations.”
Congresswoman Linda Sánchez is the author of the Strengthening Social Security Act of 2016 which increase benefits, ensures the Cost of Living Adjustment (COLA) adequately reflects the cost of living, and improve the financial condition of the Trust Fund.