Thus the new formula went into effect almost immediately for most people and is one reason why retirees born over the ten-year period of 1917 through 1926 were affected, not only those covered by the five-year phase-in. In addition, the economy did not perform the way Congress and the Social Security Administration assumed it would under the new benefit formula. Slower than anticipated wage growth, and higher than expected price inflation, resulted in even greater benefit reductions than under original assumptions. These economic conditions persisted for a decade, thus affecting those born over a ten-year period. .In the days and weeks ahead, TSCL encourages its members and supporters to contact their elected officials to request their support for a clean and immediate increase in the debt ceiling. For frequent updates on this important issue, follow TSCL on Facebook or Twitter. .Within two years of enactment, the Government Accountability Office would report to Congress and the task force on the financial exploitation of older Americans, including the associated economic costs, contributing factors, unreported cases, and policy responses. .A new fraud scheme designed to target seniors appears almost daily. In many cases, seniors have watched their entire life savings disappear in scams that are specifically designed to target their assets. .TSCL supports legislation that would provide a more fair and accurate COLA by basing it on a senior index like the Consumer Price Index for the Elderly (CPI-E). If seniors received a COLA based on the CPI-E, TSCL estimates that seniors with average benefits of ,200 per month in 2014 would receive ,753 more over a 30-year retirement. By their final year, their benefit would be ,652 per year more than if the CPI-W were used. .TSCL's Endorsement Sought for Social Security Bill .The new effort could be part of a second package later this year and TSCL will closely examine the legislation once it is finally developed to see if it accomplishes our goals and whether we can support it. .The battle between spending cuts versus revenue increases continues to be the largest point of contention between the two sides. Democrats are pushing a one-to-one ratio, contending that Congress has already outlined enough spending cuts in the debt limit increase law. If the Super Committee cannot come to a compromise by the deadline, mandated across-the-board budget cuts will occur. .Cost-of-living increases are based on the nation's general rate of inflation, and the prices for the goods and services used to calculate inflation have barely budged.