Madam Speaker, I rise today in support of the President’s call to provide assistance to our nation’s elderly, veteran and disabled citizens who will see no Cost of Living Adjustment (COLA) in their 2010 Social Security payments for the first time in over 40 years. 

Since the Great Depression, Social Security has proven a vital safety-net program that has kept over half of our seniors from falling into poverty.  It has been adjusted annually according to inflation to maintain the purchasing power of beneficiaries since 1975.  In my home district, over 95,000 people collect Social Security benefits.  This program provides 40 percent of all income received by elderly people in the United States, and supplies significant financial support for individuals with disabilities. 

Despite encouraging signs of economic stabilization, millions of vulnerable citizens continue to struggle in the wake of a recession that brought record housing foreclosures, job losses and bankruptcies.  Particularly hard hit are older Americans who have seen the value of their assets and savings wiped out, forcing them to postpone retirement or re-enter the workforce, if employment can be found.

We must ensure that the purchasing power of older and disabled Americans remains strong.  To that end, I look forward to working with my colleagues and the President to enact policies that will help rebuild retirement savings, restore lost asset value and achieve long-lasting financial security and independence.