NEW YORK (CNNMoney.com) - There will be no cost-of-living increase for 57 million Social Security beneficiaries next year because consumer prices have fallen, the Social Security Administration announced on Thursday.
It marks the first time that Social Security benefits have not been increased year over year since the cost-of-living adjustment was put into
effect in 1975.
To help counterbalance the hit, President Obama is calling on Congress to send another $250 relief payment to seniors and other Americans to stem the economic strain.
"Even as we seek to bring about recovery, we must act on behalf of those hardest hit by this recession," Obama said in a statement Wednesday. "That is why I am announcing my support for an additional $250 in emergency recovery assistance to seniors, veterans, and people with disabilities to help them make it through these difficult times."
Last year, Social Security beneficiaries got a 5.8% cost-of-living adjustment, the largest since 1982, largely because of the spike in energy prices.
"This year, in light of the human need, we need to support President Obama's call for us to make another $250 recovery payment for 57 million Americans," said Commissioner of Social Security Michael J. Astrue in a written statement.
No thanks - you're gonna steal $500 billion from Medicare (which is a part of Social Security) and you want me to dance in the streets because I get $250? Right !!!!!!!!!!!
In fact, not in 2011 or 2012 either. There are democrats to get re-elected after all. And the Dims are on tenuous footing with the economy and grand expenditures that are bound to generate tax increases. Oh my, what will they do to defer the taxes and get re-elected? You can expect them to snowplow huge tax increases to 2013 – after the next presidential election.
Well, now Congress should do the same about its pay increases that we have no say in whatsoever.
This guy will stop at nothing to buy every vote he can.
The seniors are as smart as the rest of us. They know when they're being played, and they are definitely being played.
Social Security is a joke. We give it away to everyone but the retired worker who pays into it. The system should be phased out entirely.
Rewarding the golden age folks that made this country great doesnt seem to be a priority for Obama. But, giving healthcare to people not willing to work and illegal immigrants does. So seniors remember that when the 2010 mid term and 2012 presidential elections come around and lets remove this Socialist agenda and spend the money where it belongs.
Social Security is another failing government program. And Obama wants to take over 1/6th of the economy and healthcare. Fix the problems with current programs before you create more inefficient, poorly run, expensive new ones.
Obama and Pelosi aren't really looking out for Americans as much as they are for their political party and ideology. (for examples, see stimulus package, environmental policy, overspending, and healthcare...).
Don't work Obama the Magnanimous, will give them all money. It isn't his, it comes from taxpayers who actually work for it, not from him or his supporters. He will probably win several AARP awards for spending other peoples money. It is the libitard way.
We are not going to get a increse in our SS pay. This also included my military retirement and veterans disability. Obumma should just give everyone over 64 a gun and one bullett. This is what they want anyway.
Bush was right! Should've privatized Social Security! Bush was right!
All of these idiotic comments by the stupid right are so senseless. Most of them are coming from the the clowns that just like to bash the President. not the people who really are recieving social security. You people would use anything to keep the hate going. SHUT UP!!!!!!!!
For heaven's sake–do you not realize that the boomers who are now seniors, have been paying for SS all their working lives?! This is not a welfare handout. It isn't the fault of senior citizens that the government played fast and loose with the social security money.
Imagine you have put money into a savings account for 45 years to see you through your retirement years. When you go to get it, you're told it isn't there. All of your younger acquaintances call you a leech on society.
You'll be a senior citizen before you know it. See how you feel about it then.
We were warned about Social Security failing years ago. But the Democrats use it to scare seniors into believing that the Republicans wanted control. So now the Democrats are going to cripple Social Security and it's fine. Typical liberal logic.
Those idiots decide to to give us 4.80 a week.............and what kind of pay raise do they give themselves? They all need to be voted out!!!!!!! Billions to wallstreet but nothing for seniors????? What is wrong with this picture?
Seniors do not need the $250 being offered instead of a raise in their monthly checks - just as Congress didn't need the raise they voted themselves. Someone has to think of this country and our children and their children - no more debt - Washington can keep the $250!!!!!
Folks, at least give credit for this Social/Security law to the correct person. That belongs to Richard Nixon (a Republican I believe) who worked tirelessly its passage and was often quoted as being proud of it.
Now, since then, many congresses have come and gone, both Republican and Democrat and none have tried to change it. It is the LAW and only CONGRESS can change it. The President CAN NOT!
Yes, tea-baggers Obama may be trying to "unpulg" Grandma" and establish Socialist/Communists/Nazism, but he didn't cause this and can not undo it!
So, write your congress...
Seniors may even get a cut in S.S. paychecks in less than a decade IF we don't fix our health care system. People live longer than before and the retired age of 65 stays the same. More seniors will require more money for S.S. and Medicare. I know we work all our life to pay for Medicare and S.S.
Unfortunately, the younger generation can barely find a job to support the seniors. I am reaching 65 and fully support cuts in Medicare and its wastes. Also, let's get rid of Medicare Advantage Plan if the government is subsidizing the program for more benefits beyond Medicare. It's OK if a senior wants more service, but you should pay your own. I am all for the Public Option as a fiscal conservative.
That breaks down to $4.80 per week. Don't spend it all in one place seniors.
Question, what about the rest of us? Oh yeah, Obama gave us our $$$ in our paychecks. What was it $2.00 week? I forget. I just remember that next year it will be less.
So the crooks in congress can vote themselves a cost of living raise, but they will deny the very people who pay them their salaries the same?
Term limits... fire them all.
This isn't to meant to benefit anyone, it is buying votes. $250 one time payment is a joke and will just drive up the debt more. The pres and congress are just feeling guilty because of their decision to give themselves raises in light of the economy and everyone else getting pay cuts or loosing their jobs.
You can bet your last dollar this senior won't vote for this bunch of idiots again. With few exceptions this has got to be the fowlest bunch of politicians to come out of the cesspools of D.C. in our countries history. They would take money away from seniors because they figure we are the path of least resistance. They may have a huge suprise when vote time comes around. ARE YOU LISTENING OBAMA AND COMPANY????
Oh, and for Laura in Boston and the rest of you sniveling morons, that 250 will let my mother buy 3 months worth of her medications. Not much, but better than a poke in the eye with a sharp stick.
( which is the Republican plan)
Do you not get it? If you're against entitlements, you should be applauding this, not trying to turn it into criticism of Obama et al. You guys are trisomes.