Democratic Senators are pushing legislation that could hike monthly Social Security payments by $200, arguing senior citizens are struggling to keep up with sky-high costs.<\/p>\n
The recently introduced \u201cSocial Security Emergency Inflation Relief Act\u201d<\/a> would include the additional money until July 2026. Recipients of Social Security, Supplemental Security Income, veteran disability compensation, veteran pensions and railroad retirement would get the extra dough, the bill\u2019s sponsors said.<\/p>\n The legislation is all but certain to fail in the Republican-controlled Senate.<\/p>\n Democratic senators have introduced legislation that could hike monthly Social Security payments by $200. Getty Images<\/p>\n Still, the bill\u2019s prime sponsor Sens Elizabeth Warren (D-Mass.) argued that inflation has pushed prices so high that seniors need extra help.<\/p>\n The extra $200 per month would provide an \u201cemergency lifeline for seniors struggling to afford Trump\u2019s tariffs and rising inflation,\u201d she said in a statement.<\/p>\n Upcoming cost-of-loving adjustment<\/p>\n The Social Security Administration said last month that benefits for more than 50 million American retirees will increase 2.8% next year as part of its annual cost-of-living adjustment, also known as COLA.<\/p>\n That is \u201csimply not reflective of the current reality\u201d\u00a0for seniors, stated bill co-sponsor Sen. Chuck Schumer (D-NY.), the Senate minority leader.<\/p>\n Other sponsors of the legislation include Sens. Kirsten Gillibrand (D-NY) and Ron Wyden (D-Ore.).<\/p>\n US inflation hit 3% in September \u2013 the highest level since January, according to the Bureau of Labor Statistics\u2019 Consumer Price Index.\u00a0<\/p>\n Prices on products<\/a> from a cup of coffee and kids\u2019 toys to living room furniture and Amazon deals have soared in recent months.<\/p>\n Concerns around the recently ended government shutdown \u2013 the longest in history \u2013 and broader economic issues like inflation sent monthly consumer sentiment to its lowest level<\/a> in over three years, according to data released earlier this month.<\/p>\n