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 (COLA) Social Security beneficiaries receive. 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. Charles Gonzalez (TX-20) introduced H.R. 456 on January 26, 2011. It has since been referred to the House Committee on Ways and Means.
Date Posted: January 2011