Social Security Cost of Living Increase Act of 2023

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AI Summary: The "Social Security Cost of Living Increase Act of 2023" is a federal bill aimed at providing an increase in Social Security benefits to account for the rising cost of living. The main provision of the bill is to adjust Social Security payments annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to ensure beneficiaries can keep up with inflation. This act seeks to help retirees, disabled individuals, and survivors maintain their purchasing power and financial stability. If passed, it would result in regular adjustments to Social Security benefits to reflect changes in the cost of living, potentially impacting millions of Americans who rely on these benefits for their livelihood.

Latest Action: Introduced in House

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Actions (2):

2023-03-21 : Introduced in House
2023-03-21 : Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors (1)