FAIRFIELD COUNTY, Conn. Congressman Jim Himes applauded the news that Social Security recipients will receive their first cost-of-living increase in two years. I never want any senior to face a choice between paying a utility bill or filling a prescription, said Himes in a prepared statement.
The Social Security Administration announced Wednesday a 3.6 percent increase in benefits for 2012. The boost translates to $465 more per year for the average recipient. Increases are based on the rate of inflation in the third quarter each year. Recipients did not see higher benefits in either 2010 or 2011.
Every dollar counts. For two long years too many people have had to make the Social Security dollars they earned stretch further and further, said Himes, whose district includes lower Fairfield County. Starting in January, we will be providing some relief to those who simply cant find another corner to cut.
The increase for seniors and disabled beneficiaries is also expected to spur demand throughout the economy. Economists project modest gains in overall GDP as a result, Himes said.
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