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Fair COLA for Seniors Act of 2023
1/4/2025, 11:17 AM
Summary of Bill HR 716
The bill aims to address the issue of rising costs of living for seniors by adjusting Social Security benefits to better reflect the actual expenses faced by older Americans. This adjustment would be based on the Consumer Price Index for the Elderly (CPI-E), which takes into account the spending patterns of seniors.
If passed, the Fair COLA for Seniors Act of 2023 would ensure that seniors receive a more accurate and adequate COLA each year, helping to protect their financial security and well-being. This bill has garnered bipartisan support in Congress, with lawmakers from both parties recognizing the importance of providing fair and equitable benefits to older Americans. Overall, the Fair COLA for Seniors Act of 2023 seeks to address the financial challenges faced by seniors on fixed incomes and ensure that they are able to maintain a decent standard of living in their retirement years.
Congressional Summary of HR 716
Fair COLA for Seniors Act of 2023
This bill bases cost-of-living adjustments for certain benefits available through federal and military retirement programs, Social Security, and specified programs for veterans on a price index that tracks the spending patterns of older consumers. The Bureau of Labor Statistics of the Department of Labor must publish that price index on a monthly basis.
Read the Full Bill
Current Status of Bill HR 716
Bipartisan Support of Bill HR 716
Total Number of Sponsors
3Democrat Sponsors
3Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
77Democrat Cosponsors
77Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 716
Primary Policy Focus
Social WelfarePotential Impact Areas
Alternate Title(s) of Bill HR 716
Comments
Jerry Hobbs
11 months ago
This bill is a joke! It's just another way for the government to waste our hard-earned money on something that won't even benefit us seniors. They claim it's for our cost of living adjustment, but all it's going to do is line the pockets of politicians and bureaucrats. I've worked my whole life and paid my dues, and now they want to give me scraps while they live it up on our dime. It's time for real change, not this nonsense.
