Boosting Benefits and COLAs for Seniors Act

This bill changes how Social Security cost-of-living adjustments (COLAs) are calculated for seniors. It requires using either the standard CPI-W (for wage earners) or the new CPI-E (tracking inflation specific to seniors aged 62+) - whichever results in a higher COLA. The Bureau of Labor Statistics must now publish the CPI-E monthly to reflect seniors' spending habits. This directly affects Social Security beneficiaries, potentially increasing their annual benefit adjustments starting September 2024. The bill does not create new benefits but alters the inflation measure used to determine COLAs.