COLA Cuts Means Veterans May Lose Thousands of Dollars a Year
Earlier this year, an unknown Senator placed a “secret hold” on the annual cost of living adjustment (COLA) for compensation paid by the Department of Veterans Affairs (VA) to more than three million disabled Veterans.
Now a much larger threat to Veteran’s looms in Congress. Reporter Steve Vogel writes in today’s Washington Post’s how Congress may slash COLAs. That’s terrible news for disabled Veterans living on a tight budget during tough economic times. The Post reported:
A change in how annual cost-of-living adjustments are calculated could mean that Veterans who started receiving VA disability benefits at age 30 would have their benefits reduced by $1,425 at age 45, $2,341 at age 55 and $3,231 at age 65, according to the Congressional Budget Office.
Veterans groups and the incoming Chairman of the Senate Veterans’ Affairs Committee immediately denounced the austerity measure:
“We must do deficit reduction, but not by cutting programs for people who lost arms, legs and eyes defending our country,” said Sen. Bernie Sanders, (I-Vt.)
Journalist Rick Maze at Army Times also covered this highly contentious issue sparking much outrage among Veterans.