Sanders ‘disappointed’ in small Social Security benefit increase

Sen. Bernie Sanders (I-Vt.) blasted the 1.7 percent increase in Social Security benefits, saying it isn’t enough to help seniors cover high prescription drug prices.

“At a time when the prices of prescription drugs and electricity are skyrocketing, I am disappointed that seniors and disabled veterans will only be getting a 1.7 percent increase next year,” Sanders said on Wednesday. “This is the third year in a row that the cost-of-living adjustment will be less than 2 percent.”

{mosads}The government announced the cost-of-living adjustment (COLA) would once again be less than 2 percent. The COLA is increased annually based on the Consumer Price Index (CPI). 

Sanders said it could have been worse — Republicans have called for a “chained” CPI to keep Social Security costs down.

“As bad as that is, it could be a lot worse. Many Republicans believe that these cost-of-living adjustments are too generous,” Sanders said. “They want to significantly cut Social Security by enacting a so-called chained CPI. That would be a disaster not only for the 58 million Americans who rely on Social Security, but for nearly 4 million disabled veterans.”

A chained CPI would not increase COLAs based on inflation, which the current system does.