NEW: Cost of Living Adjustment Released, Seniors are Getting Squeezed by Trump’s Inflation Arrow

Today, the Social Security Administration announced a 2.8% Cost of Living Adjustment (COLA) for 2026 - after initially delaying the announcement because of Donald Trump's government shutdown. With inflation already at 3.0% and expected to continue increasing through the end of this year and into next - thanks to Trump's reckless tariffs - seniors' adjusted social security checks will fail to keep up with rising prices, leading more seniors to feel financially squeezed.

In response, DNC People's Cabinet Member and former Commissioner of the Social Security Administration Martin O'Malley released the following statement:

"Donald Trump's disastrous economic policies have led to spiking inflation that's squeezing American households - especially seniors and people living with disabilities who rely on their Social Security checks to survive. Trump's economy is forcing seniors and people with disabilities to choose between paying for food or medicine or utilities. The COLA increase won't even come close to covering the rising costs seniors and people with disabilities face - and Trump's inflation is only predicted to get worse in coming months. Trump's failed economic policies and his administration's continued attacks on Social Security, Medicare, and Medicaid have robbed seniors and people with disabilities of peace of mind. While they lose confidence in the benefits they worked their whole lives to earn, Trump is lining the pockets of his rich donors."

Many forecasters - including Trump's own administration - expect inflation to continue rising to above 3% next year, and Trump's tariffs are to blame. Economists warn that the increased inflation will outpace the COLA, further squeezing seniors' already limited budgets. Notably, CPI inflation is already higher than the 2026 COLA.

To make matters worse, health care costs for seniors are also set to increase. Medicare Part B premiums - which are usually deducted from Social Security benefits - are expected to rise nearly 12% next year and wipe out roughly 40% of the COLA, while Medicare Part D premiums are also expected to spike, in part because of Trump's devastating funding cuts. And premiums could get even higher because of Trump's pharmaceutical tariffs.

Let's not forget: After repeatedly vowing to keep Social Security "100% safe," Trump hollowed out Social Security by making it as hard as possible for millions of seniors to access their benefits as his billionaire-first budget kicks seniors off health care and closes nursing homes. Despite Trump's campaign promises, his administration officials have admitted that the Trump Accounts created by his budget are a "backdoor for privatizing Social Security" and that they would consider raising the retirement age. Trump and his cronies cannot be trusted to protect America's seniors.