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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.

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NEW YORK (CNNMoney.com) - The recession has taken its toll on Social Security. The officials who oversee the program forecast Tuesday that the Social Security trust fund will be exhausted by 2037 - four years earlier than estimated last year.

The trust fund reflects a $2.4 trillion surplus paid into Social Security over 20 years that Uncle Sam has borrowed, spent and promised to pay back. Trust fund exhaustion represents the point at which only 76% of benefits could be paid out.

The main reason for the change in forecast: Demand for benefits has grown while money paid in has fallen because of growing unemployment and new tax breaks in the economic stimulus package passed in February.

Since the start of 2008, 5.7 million payroll tax jobs have disappeared. And another 4.3 million jobs are being filled on a part-time basis.

In the nearer term, the trustees estimate that Social Security will take in fewer taxes than the benefits that will be paid out by 2016. Last year, they estimated the near-term shortfall would occur in 2017.

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Tens of millions of Social Security recipients will see their bank accounts jump by $250 starting Thursday.

WASHINGTON (CNN) – Grandparents, retirees and struggling seniors have waited months for this.

Tens of millions of Social Security recipients will see their bank accounts jump by $250 starting Thursday, when the government began sending out checks and transferring funds for a one-time boost coming from the stimulus bill passed in February.

The payments are flowing to nearly 55 million seniors and retirees between now and June fourth, with a huge chunk of checks hitting the mail this week.

"Approximately half of them will be out in the next day or two," Social Security Commissioner Michael Astrue told CNN Thursday.

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