UPDATE: House clears bill to provide veterans with cost-of-living adjustment | TheHill

  

Category:  News & Politics

Via:  evilgenius  •  2 months ago  •  11 comments

By:   Cristina Marcos (TheHill)

UPDATE: House clears bill to provide veterans with cost-of-living adjustment | TheHill
The House on Monday easily cleared legislation to provide veterans with disabilities tied to their military service who receive compensation payments with an annual cost-of-living adjustment.

We almost always hear about the division and bad things in Congress. There are many things that get voted on all the time that doesn't get coverage.

UPDATE: The final COLA increase number came in last week at 5.9%

https://militarybenefits.info/cola-increase-watch/


S E E D E D   C O N T E N T



The House on Monday easily cleared legislation to provide veterans with disabilities tied to their military service who receive compensation payments with an annual cost-of-living adjustment.

The bill, which the House passed 423-0, now heads to President BidenJoe BidenHouse clears bill to provide veterans with cost-of-living adjustmentOn The Money — Dems dare GOP to vote for shutdown, defaultTo reduce poverty, stop burdening the poor: What Joe Manchin gets wrong about the child tax creditMORE for his signature. The Senate previously passed the bill by unanimous consent in late July.
The cost-of-living adjustment (COLA) to reflect annual inflation for veterans' disability payments, as well as compensation for survivors, would increase at the same rate as Social Security payments effective Dec. 1. That rate is determined by the consumer price index as calculated by the Bureau of Labor Statistics.

"The yearly COLA increase demonstrates the appreciation from a grateful nation in recognition of the service and sacrifice of those who volunteer to wear the uniform of our country," said House Veterans' Affairs Committee Chairman Mark Takano

Mark Allan TakanoHouse clears bill to provide veterans with cost-of-living adjustmentLegislation assuring automatic VA enrollment is more vital than ever before Yellen tries to tamp down Democrats fury over evictions banMORE (D-Calif.).
Takano noted that Congress is completing work on enacting the cost-of-living adjustment for veterans' payments well ahead of the December deadline.
"I am pleased we are considering this bill early this year so veterans will not be concerned about its passage by the Dec. 1 deadline. This is especially important with so many feeling the economic effects of the COVID-19 pandemic," Takano said.
Some estimates have predicted that the cost-of-living increase could be one of the largest annual bumps in decades because of inflation fueled by the COVID-19 pandemic.

The House is also expected to vote later this week on the annual National Defense Authorization Act.
The $778 billion defense policy bill advanced by the House Armed Services Committee earlier this month is larger than the original bill, due to 14 Democrats joining with Republicans during the markup to increase the budget by $25 billion.
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evilgenius
Professor Guide
1  seeder  evilgenius    2 months ago

COLA for 2022 is 6.1%. 

 
 
 
Baron Creek
Junior Participates
2  Baron Creek    2 months ago

Glad to hear. It now appears that 5.9% is the more likely COLA, which outpaces the headline CPI, but not by much, imo.

 
 
 
Ronin2
PhD Quiet
3  Ronin2    2 months ago

Nice to know that both sides can agree on some things regularly.

Now back to their regularly scheduled fighting and mud slinging.

 
 
 
JaneDoe
Sophomore Silent
3.1  JaneDoe  replied to  Ronin2 @3    2 months ago
Now back to their regularly scheduled fighting and mud slinging.

Sad but true!

 
 
 
Trout Giggles
Professor Principal
4  Trout Giggles    2 months ago

Great news!

 
 
 
JaneDoe
Sophomore Silent
5  JaneDoe    2 months ago

Good!! 

 
 
 
Ed-NavDoc
PhD Quiet
6  Ed-NavDoc    2 months ago

As a retired/disabled vet, I'll believe it when I see it in my checking account. Only then will I praise and or thank the current administration.

 
 
 
evilgenius
Professor Guide
6.1  seeder  evilgenius  replied to  Ed-NavDoc @6    2 months ago
Only then will I praise and or thank the current administration.

This isn't about Administrations and usually sparks no debate in Congress, though the last few years they have been taking it to the wire to try and score some political advantages... It still always overwhelmingly passes. 

And I too VA disablity... 

 
 
 
Ed-NavDoc
PhD Quiet
7  Ed-NavDoc    2 months ago

The standard yearly COLA increase amount for VA disability for at least the last decade has usually averaged slightly over 1%. Of course it passes. Not exactly something to cheer about. I am talking about this alleged 6% increase. I just do not have much faith in it getting much traction and passing. 

 
 
 
evilgenius
Professor Guide
7.1  seeder  evilgenius  replied to  Ed-NavDoc @7    2 months ago

The COLA is what it is. VA Disability and Social Security will get the same percentage increase tied to the same mechanism. The amounts are what the amounts are. Yes, the last decade has been horrible for increases and the change to calculating the COLA that Obama did wasn't great either. According to an AARP article I found online.

Estimates for the 2022 COLA range from 5.8 percent from economist Bill McBride, who writes the finance and economics blog Calculated Risk, to 6 to 6.2 percent from The Senior Citizens League. Moody's Analytics estimates the 2022 COLA at 5.6 percent. Stephen Goss, SSA’s chief actuary, says the COLA will be close to 6 percent.
 
 
 
evilgenius
Professor Guide
8  seeder  evilgenius    2 months ago

UPDATE: last week the final number came out and will be 5.9% 

 
 
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