ALBANY – Despite its being recently rejected by the Senate, U.S. Senator Charles E. Schumer continued to back legislation that would benefit senior citizens, who saw no cost of living adjustment (COLA) for the first time in over three decades.
Schumer announced that he will continue to push for legislation providing Social Security recipients, who have been “slammed with higher costs,” with a one-time $250 payment, and will attach the measure to the upcoming jobs bill, according to a recent conference call with the senator.
“Every time a senior citizen turns around the cost of something they need to survive goes up,” said Schumer. “The Social Security administration may say that seniors don’t need a cost of living increase, but all you have to do is go around New York and talk to a senior citizen to find out that everything they need costs more.”
The proposed legislation would entail an additional $897 million in Social Security payments for the state of New York, with $44 million of that going to Southern Tier seniors.
Seniors had previously received a COLA annually, beginning in 1975, reported the senator, who added that “if Congress does not act, senior citizens will be forced to go without an increase for the first time in over 30 years.”
Citing rising health care, food and utility costs, Schumer commented that American seniors are some of the hardest hit in the current economic crisis as they struggle to make ends meet, and that for many, the burden is becoming too much.
“By putting money in the pocketbooks of seniors we’ll see maximum bang for the buck,” stated Schumer. “These are people who have serious needs and who will go out and put this money right back into our economy. Our older Americans have worked all their lives and many have sacrificed greatly for this country in its hour of need. This one-time payment is the least we can do to make sure they have some economic security during these hard times.”
The one-time payment would not adversely impact the long-term deficit outlook, said Schumer, and would serve as an “efficient economic stimulus to an economy that is just beginning to emerge from the starkest downturn since the Great Depression.”
“Senior citizens are often among the county’s lowest income brackets and for a sizable number of seniors, their Social Security income is their only source of income,” stated Schumer, who added that “seniors are likely to spend this payment quickly so that the money will go directly into the economy as opposed to being saved.”