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Statement on the Social Security Administration Cost-of-Living Adjustment

October 19, 1999

Today the Social Security Administration announced the cost-of-living adjustment (COLA) for next year's benefits. This announcement is a reminder that, for over 60 years, Social Security has been a cornerstone of American national policy that has enabled generations of Americans to retire with dignity. Each year millions of disabled and elderly Americans are lifted out of poverty by Social Security. As a result, poverty rates among the elderly are at the lowest level ever recorded. The cost-of-living adjustment announced today ensure that Social Security benefits will continue to be an essential part of retirement and family security for all Americans.

This year we have an historic opportunity to protect and strengthen Social Security, securing it for future generations of retirees. At a minimum, we should agree on a downpayment on reform by passing a Social Security lockbox that extends the life of Social Security to about 2050 and pays down the debt by 2015. I remain committed to working with Congress to move forward in this area.

William J. Clinton, Statement on the Social Security Administration Cost-of-Living Adjustment Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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