WASHINGTON, D.C. - U.S. Senator Daniel K. Akaka (D-HI), Chairman of the Veterans' Affairs Committee, issued the following statement after S. 2617, the Veterans' Compensation Cost-of-Living Adjustment Act of 2008, was signed into law by the President today. S. 2617, introduced by Chairman Akaka, will provide for a cost-of-living increase in compensation for veterans and their families, effective December 1, 2008, so as to protect the benefits from the impact of rising inflation.
"In this time of rising costs and a faltering economy, we must not allow inflation to eat into the compensation of disabled veterans, or their survivors. The failure to pass a cost-of-living adjustment would, as inflation rises, be a reduction of the benefits they receive. I commend my colleagues for supporting this important legislation."
"I am proud to have sponsored this legislation for all veterans, including the more than 17,000 Hawaii recipients of veterans' disability compensation and survivor benefits."
This year's cost-of-living increase, which will be equal to the annual Social Security increase, has yet to be determined.