Pelosi: 'American Seniors Can Continue to Rely on the Rock Solid Promise of Social Security'

October 16, 2008

Washington, D.C. -- Speaker Nancy Pelosi released the following statement today on the announcement of a 5.8 percent cost-of-living adjustment (COLA) for Social Security beneficiaries in 2009, the largest percentage increase since 1982. The increase is a reflection of the record high prices facing American consumers.

"While all families are facing skyrocketing prices at the grocery store, the gas pump, and on their heating and cooling bills, seniors on fixed incomes have an even more difficult time making ends meet. By providing a nearly 6 percent increase in their Social Security checks, seniors will receive needed relief from high prices.

"In light of the recent record losses on Wall Street, America's seniors are grateful that Congress rejected President Bush's risky Social Security privatization scheme. Seniors and those nearing retirement should not be forced to gamble their Social Security safety net on risky privatization plans when Wall Street operators are dealing the cards. Thankfully, America's seniors can continue to rely on the rock solid promise of Social Security even in the most difficult economic times."