Sorry Grandma, No COLA for You
Posted on Oct 15, 2009
For the first time in 34 years, Social Security beneficiaries will not get a benefit boost from a cost-of-living adjustment. Falling energy prices, in particular, should keep seniors flush with their monthly average $1,094 checks. So what if their health care costs have gone up by a third?
President Barack Obama and his allies in Congress hope to send beneficiaries another $250 check to help stimulate the economy and their well-being. —PZS
The Associated Press:
The Obama administration, meanwhile, is pursuing a different way to boost recipients’ income. On Wednesday, President Barack Obama called for a second round of $250 stimulus payments for seniors, veterans, retired railroad workers and people with disabilities.
The payments would match the ones issued to seniors earlier this year as part of the government’s economic recovery package. The payments would be equal to about a 2 percent increase for the average Social Security recipient.
Flickr / toddalert