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This bill amends the Social Security Act to change how cost-of-living adjustments (COLAs) are calculated for Social Security beneficiaries, Medicare, and Supplemental Security Income recipients. Instead of using only the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the bill requires the use of whichever index is higher between CPI-W and a new Consumer Price Index for Elderly Consumers (CPI-E) that measures price changes for individuals age 62 and older. The bill directs the Bureau of Labor Statistics to publish the CPI-E monthly and takes effect for COLA calculations in 2024.
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