A $75 monthly raise is what the average Social Security retiree would get from the 2027 cost-of-living adjustment (COLA), and Sen. Elizabeth Warren (D-Mass.) said it 'barely covers a tank of gas.'

Warren took to X after the Social Security Administration announced the 3.6% COLA on Wednesday, arguing that the increase would do little to ease the pressure of rising costs on retirees. Other lawmakers also weighed in on the announcement, raising concerns about affordability, benefit levels, and the program's long-term financial outlook.

The reactions also come after consumer prices rose from 3.4% to 3.7% year over year in September, above the 3.6% economists expected, according to the Bureau of Labor Statistics.

The 2027 COLA will take effect in January.

Lawmakers Weigh In On Social Security Benefits After 3.6% COLA Increase

Warren wrote that the adjustment 'falls way short of making up for the high costs of Trump's war with Iran and chaotic tariffs.' She added, 'Congress needs to scrap the cap and expand benefits for our seniors.'

Rep. John Larson (D-Conn.) posted on X, 'A COLA is always welcome news for seniors, but it won't be enough to keep pace with rising costs.' In a statement attached to the post, he said the country is 'only a few years away from automatic benefit cuts for everyone on Social Security if Congress does not act.' He added, 'It is time for a vote.'

Rep. Nikki Budzinski (D-Ill.) said in a post on X that seniors 'deserve a COLA that actually keeps up with groceries, utilities, medications, and rent.'

Social Security's Long-Term Funding Debate

Marc Goldwein, senior vice president and senior policy director at the Committee for a Responsible Federal Budget, wrote that the COLA is 'a point above projections.' 'That's good news for seniors today, but it's bad news for the Social Security program and for ongoing inflation spiral risk,' he wrote.

Sen. Bernie Sanders (I-Vt.) took to X to argue that 'Billionaires pay the same amount into Social Security as someone making $184,500.' He added that applying the payroll tax to all income above $250,000 would make Social Security 'solvent for 75 years & benefits would be expanded by $2,400.'

Sen. Bill Cassidy (R-La.) took to X to address concerns about Social Security's projected funding shortfall, saying that while waste, fraud, and abuse should be addressed, doing so 'only addresses a small fraction of the shortfall.'

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.