TW: This an Obama proposal for which I have nothing but disdain. Seniors are by law entitled to COLAs on social security, they got a big bump last year even though inflation had faded between the time the bump was set and the bump kicked in. Now as we are amidst deflation they are due no bump yet they will get a bump. Pure, unadulterated pandering. This kind of politics is why the U.S. culture of give me, give me perpetuates endlessly.
The only value to this proposal is smoking out hypocrisy. If the Republicans are serious about deficit spending they will oppose this measure.
From AP:
"President Barack Obama called on Congress Wednesday to approve $250 payments to more than 50 million seniors to make up for no increase in Social Security next year. The Social Security Administration is scheduled to announce Thursday that there will be no cost of living increase next year. By law, increases are pegged to inflation, which has been negative this year.
It would mark the first year without an increase in Social Security payments since automatic adjustments were adopted in 1975.
...Obama's proposal is similar to several bills in Congress. The $250 payments would also go to those receiving veterans benefits, disability benefits, railroad retirees and retired public employees who don't receive Social Security. Recipients would be limited to one payment, even if they qualified for more.
The White House put the cost at $13 billion..."
http://www.huffingtonpost.com/wires/2009/10/14/obama-calls-for-250-payme_0_ws_321253.html
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