http://www.ncpssm.org/entitledtoknow/?p=1822
A bill was introduced into the 110th Congress, 2007 - 2008 to require the establishment of a Consumer Price Index for Elderly Consumers to compute cost-of-living increases for Social Security benefits under title II of the Social Security Act.
Adjusting cost-of-living increases to Social Security benefits using a CPI that reflects the spending habits of the elderly would prevent a decline in the purchasing power of retirees' benefits and protect against skyrocketing healthcare costs. In 2004, the Consumer Price Index for Elderly Consumers Act (H.R. 1953) was introduced and re-introduced, which:
- More accurately reflects the inflation rate of consumer spending among seniors, younger workers have far different spending habits;
- Presently, yearly cost-of-living increases to Social Security benefits are based on a consumer price index that tracks the spending habits of young, urban workers, which is the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
- Seniors must use a far greater percentage of their income on health care and prescription drugs, both of which have seen enormous price rate increases.
The proportion elderly varies among the 50 States and the District of Columbia.
In 1993, the most populous States were also the ones with the largest number of elderly. Nine States had more than 1 million elderly: California, Florida, New York, Pennsylvania, Texas, Illinois, Ohio, Michigan, and New Jersey. In general, the States with a large number of elderly differ from those States with a high proportion of their population in the elderly ages (Florida and Pennsylvania are exceptions). For example, while California easily has the largest number of elderly persons (3 million), its proportion elderly (11 percent) ranks 46th among the 50 States and the District of Columbia.
Of all the States, Florida had by far the highest proportion elderly, almost 19 percent. Other States with high proportions elderly (14 to 16 percent), ranked in descending order, were Pennsylvania, Iowa, Rhode Island, West Virginia, Arkansas, North Dakota, South Dakota, Nebraska, Missouri, Connecticut, Kansas, and Massachusetts.
For Further Information
See: Current Population Reports, Series P23-190, Sixty-Five Plus in the U.S., forthcoming.
An excellent tool to explore the aging of America as well as a wealth of other demographics is available at the:
http://www.censusscope.org/2010Census/index.php