
Social Security remains a vital lifeline for millions of retired Americans, providing essential financial support to those who have left the workforce. However, while the program promises stability, it faces significant challenges that could undermine its effectiveness in providing for the nation’s elderly. Among these challenges are the inadequacies of the program’s cost-of-living adjustments (COLAs) and the looming threat of a revenue shortfall due to demographic shifts. With Kamala Harris now running for president, many are wondering if she will address these critical issues and reform the way COLAs are calculated to better match the inflation rates that affect seniors most directly.
Understanding the Flaws in COLAs
The purpose of COLAs is to ensure that the benefits provided by Social Security keep pace with inflation, preserving the purchasing power of retirees. However, the formula used to calculate these adjustments—based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W)—has long been criticized for not accurately reflecting the spending patterns of seniors. Notably, seniors tend to spend a higher proportion of their income on healthcare, a sector where costs have risen faster than general inflation. In contrast, CPI-W more heavily weighs items like fuel and transportation, which may not represent significant expenses for retirees.
This discrepancy has resulted in COLAs that frequently fail to cover the rising costs facing seniors, leading to a gradual erosion of buying power over time. According to the nonpartisan Senior Citizens League, by 2023, seniors on Social Security had lost 36% of their buying power since 2000, a staggering decline that places many at risk of financial insecurity.

Kamala Harris’s Track Record and Proposals
Kamala Harris has previously shown support for enhancing Social Security benefits. In 2019, she co-sponsored the Social Security Expansion Act, which, among other things, aimed to recalibrate the COLA formula to better align with the expenses seniors face. The bill proposed switching to the Consumer Price Index for the Elderly (CPI-E), which would potentially provide more generous annual increases, reflecting costs like medical care more accurately.
During her acceptance speech at the Democratic National Convention, Harris reiterated her commitment to protecting Social Security, although details were sparse on how she plans to tackle the COLA issue specifically. Given her track record, it seems plausible that Harris might push for using CPI-E as the basis for calculating COLAs if she were to become president.
Potential Impact of Reformed COLAs
Adopting CPI-E for COLA calculations could significantly benefit seniors, providing them with increases that more closely match the cost increases they actually experience. This change could help stabilize the financial situation for millions of retirees, ensuring they do not fall into poverty due to gaps between their income and the rising cost of living.
The Journey Ahead
While the prospect of enhanced COLAs under a Harris presidency offers hope, it is also wrapped in uncertainty. Legislative changes to Social Security require broad political support and are often contentious given the program’s impact on the federal budget. Moreover, with the impending revenue shortfall as more baby boomers retire, comprehensive reform of Social Security may be necessary, extending beyond just adjusting the COLA formula.
For now, seniors and those planning for retirement should stay informed about potential changes to Social Security and consider strategies to supplement their income. This might include reducing expenses or exploring opportunities to earn additional income through part-time work or the gig economy.
As the 2024 election approaches, all eyes will be on Kamala Harris and other leaders to see how they propose to secure and enhance Social Security for future generations. Whether or not Harris will be able to implement her ideas will depend not only on her election but also on the political climate and her ability to navigate complex legislative challenges.