If signed into law, the Consumer Price Index for Elderly Consumers (CPI-E) Act would amend the Social Security Act with regard to the annual Cost of Living Adjustment for Social Security and Medicare benefits. Currently, the COLA is based upon the spending patterns of young, urban workers as calculated by the Bureau of Labor Statistics (BLS), the CPI for Urban Wage Earners (CPI-W). This legislation would calculate the COLA based on the spending patterns of seniors, or by using the BLS tracked CPI-E.
Rep. Peter DeFazio (OR-4) introduced this bill on February 18, 2011. It has since been referred to the House Committee on Ways and Means and the Committee on Education and Labor.
Date Posted: February 2011
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