Angie Craig: “today I join Senator Akaka in introducing legislation that would provide a cost-of-living adjustment to the rates of…”

“today I join Senator Akaka in introducing legislation that would provide a cost-of-living adjustment to the rates of disability compensation provided to our Nation's disabled veterans and to the compensation provided to survivors of veterans and servicemembers who died, or who will die, as a result of military service. Every year since 1976 Congress has enacted an annual COLA adjustment for veterans with disabilities and survivors. The regularity of Congress's action on COLA legislation underscores its importance. Without it, inflation would erode the purchasing power of millions of beneficiaries. According to its fiscal year 2007 budget, VA estimates that it will provide disability compensation to 2,867,013 veterans with service- connected disabilities in the upcoming fiscal year. Among the veterans estimated to receive such compensation are 5 World War I veterans; 335,180 World War II veterans; 160,889 Korean-conflict veterans; 992,360 Vietnam-era veterans; and 762,230 veterans of the Persian Gulf war era. The COLA legislation will also benefit an estimated 348,479 survivors. The Congressional Budget Office, CBO, estimates that inflation, at the close of this fiscal year, will be at 2.2 percent as measured by the consumer price index published by the Department of Labor's Bureau of Labor Statistics.…”