COLA stands for cost of living adjustment. Annually seniors receiving social security benefits would be given a cost of living adjustment. This has been seen as a raise in the seniors social security monthly check.
The United States Congress enacted the COLA provision as part of the 1972 Social Security Amendements. Automatic annual COLA's began in 1975. Before this social security benefits increased only when Congress enacted special legislation.
Currently the U.S. Government has announced no cost of living raises for social security recipients in 2011. This will be the second year in a row that social security benefit checks have not been adjusted upward for inflation.
President Obama has called for a 250 dollar payment for social security recipients as part of an economic stimulus package. This would help off set the increased cost of medical expenses, which rise beyond figures that project inflationary levels.
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