RetireSafe Urges House Members to Stand Up for Older Americans and Cosponsor the CPI for Seniors Act Now!

Mar 26, 2010, 11:13 ET from RetireSafe

WASHINGTON, March 26 /PRNewswire-USNewswire/ -- RetireSafe, representing 500,000 senior citizen supporters across America, today urged Members of the U.S. House of Representatives to become "original" cosponsors of the CPI for Seniors Act, soon to be introduced by Congressman John J. Duncan, Jr. (R-TN) and Congressman Daniel Lipinski (D-IL). The CPI for Seniors Act would establish a new Consumer Price Index for Seniors (CPI-S), so that Social Security benefits can be accurately and fairly determined each year. The pending legislation directs the Bureau of Labor Statistics (BLS) to finally determine the "right" CPI-S formula for seniors. RetireSafe, an advocacy organization for older Americans, calls the effort to recruit original House cosponsors, "one of the crucial first steps in correcting the faulty formula now used by the BLS."

According to RetireSafe President Thair Phillips, "The BLS has long noted that all of the present methods now used (CPI, CPI-U, CPI-W, and even the experimental CPI-E) to calculate inflation have flaws and limitations in measuring seniors' actual costs and expenses. While the determination of a fair COLA is a complicated and volatile issue, we believe the first step should be an accurate CPI for seniors, a true CPI-S," Phillips said. "Fortunately, Congressmen Duncan and Lipinski agree that our seniors deserve a fair and accurate annual COLA that can only be determined with a fair and accurate CPI-S. Along with reaching out to older Americans suffering this year under a 'zero' COLA, to invite them to join us in this effort; RetireSafe will be contacting all Members of the House to urge their support and original cosponsorship of this important legislation," Phillips vowed. "In the face of rising future inflation, this change is critical for the older constituents in every Congressional District," he said.

Phillips continued, "This is the right approach to correct a longstanding wrong that has harmed our seniors for decades. Older Americans want the fair, accurate, and 'right' benefits they have worked for and rightly deserve," he said. "We commend Congressmen Duncan and Lipinski for their leadership in introducing the 'CPI for Seniors Act,' and we invite their House colleagues to join them as original cosponsors," Phillips concluded.

SOURCE RetireSafe