No cost of living adjustment (COLA) for Social Security
Due to falling consumer prices, the government recently announced there will be no cost of living adjustment (COLA) for Social Security recipients for the 2010 year. Since automatic increases were put on the books in the mid-seventies, this is the first time there will not be an automatic year-over-year increase in the checks millions of retirees receive every month. (For the year 2009, benefits checks increased by approximately 5.8% - the largest increase in nearly 30 years.)
The primary reason for the lack of a 2010 increase is that consumer prices have declined 2.1% since the third quarter of 2008. (Social Security's cost-of-living adjustment, by law, is based on the change in consumer prices from the third quarter of one year to the next.)
You may have heard that there is growing political enthusiasm now for a one-time $250 payment to Social Security recipients to help them deal with the lack of an increased Social Security payment. So, I'm curious, what do you think about the lack of a cola? Furthermore, what do you think about the one-time payment? There's a section below for open-ended comments and a poll to participate in. I look forward to our lively discussion.
I don’t understand why $250 should be given if indeed the COLA is based on “cost of living” increase or decrease. It went down, right? No reason for a “bonus” payment…..and where are all these “little” payments coming from?
The Social Security cost of living adjustment is messed up!
http://robvstate.com/2009/10/10/social-security-cola/
Frankly, any “help” from the grabernment, especially Obama and his acolytes, come with all kinds of strings attached. In general, I am opposed to grabernment pandering and that is what this is.
$250 is nothing – a drop in the bucket. It’s an insult to think that $250 will make a difference. If that’s all the government can afford, then the government should keep it, because they obviously need it more than we do.
It all comes out of one pocket only to go into the other. Remember the last words of the sinking Titanic’s Captain…”Every man for himself”…the gov ain’t gonna take care of ya; that’s your job!
The Law is the Law. SS recipients get more than we who still work will ever see, and $250 is not going to make a difference. Gee, do you think politicians are pandering to the (older) voters?
The reason given for no cola in 2010 was a decline in consumer prices !!!??
Food, utilities, clothing, transportation, housing, medical cost and all necessary expenses are increasing for the ones that can afford it less.
WOW