Brooklyn, N.Y. – Congresswoman Yvette D. Clarke released the following statement on the cost of living adjustment (COLA) to Social Security benefits, which will increase monthly benefits by 1.7% in 2015. Unlike most private pension plans, Social Security benefits are adjusted each year to maintain their value even as the cost of goods and services increases.
“This much needed cost of living adjustment (COLA) will provide millions of Americans with additional resources with which to purchase the basic necessities such as food and housing that continue to increase in cost, especially here in Brooklyn,” said Congresswoman Clarke. “The cost of living adjustment will also provide a valuable stimulus to the economy, as people spend the additional amount of benefits each month.”
U.S. Representative Yvette D. Clarke is a member of the House Committee on Small Business, Ethics, and Homeland Security, where she is the Ranking Member of the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies. She represents many neighborhoods in central and southern Brooklyn, NY which include Brownsville, Crown Heights, East Flatbush, Flatbush, Gerritsen Beach, Madison, Midwood, parts of Park Slope and Flatlands, Prospect Heights, Prospect-Lefferts Gardens, Sheepshead Bay, and Windsor Terrace.
Issues: 113th Congress