Gemma Proposes Increasing Social Security Benefits
Thursday, July 29, 2010
Congressional candidate Anthony Gemma yesterday proposed increasing Social Security benefits to make up for a cost of living increase that seniors did not receive this year.
“In senior citizen housing complexes throughout the First District, I have heard many of the Rhode Islanders collecting Social Security speak eloquently and passionately about the economic hardships with which they must deal on a daily basis,” Gemma said.
“I was dismayed to learn that they have not received a cost of living adjustment-based increase in their Social Security benefits in 2010,” Gemma added. “They told me that not receiving an increase is unfair because health care, pharmaceuticals, and other living expenses are increasing.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTGemma said seniors had not received a cost of living increase because of the way the adjustments are calculated. To make up for it, he proposed a one-time additional payment of $388.08 to all Social Security recipients in 2011 and another payment in the same amount in 2012.
He said the additional payment would cost the country $20.4 billion each year. About $77,694,000 of that would go to Rhode Island alone, where there are approximately 200,201 Social Security recipients, according to Gemma. He said the additional money would help the state’s economy.
Gemma also proposed changing how cost of living increases are calculated. He said they are currently based on the rise in prices that affect urban workers and clerical workers. He said he would introduce legislation that would ensure the increases are based on the increases in prices that disproportionately affect elderly Americans.
Gemma said Social Security currently has $2.5 trillion in assets and will be solvent until 2037. He said his plan will have only a slight effect on how long it remains solvent, reducing that period by about nine or ten days.
Jobs Are Next
After releasing his Social Security plan, Gemma said he will next tackle jobs. He said he addressed Social Security first because there is an “immediate need” to help seniors.
But he said unemployment was as important an issue as Social Security and that his campaign would be rolling out a sophisticated plan for creating jobs. “I am the only candidate that has created jobs in the private sector,” Gemma said. “I feel very confident in my ability to create jobs not only in the private sector now going forward but also in the state of Rhode Island and the country.”
