Federal law prescribes that Social Security recipients shall receive an annual cost of living adjustment (COLA) if the cost of living goes up. Specifically, the 3rd quarter of the current year is to be compared to the 3rd quarter of the previous year, and if there is an increase then the social security recipients are to get a commensurate increase in their monthly payments.
This year it is reported that there will not be a COLA in 2010 because the cost of living has not gone up. This is apparently the first time since 1975 that no COLA has been earned.
There are reports that some seniors are mad upon hearing that there will not be a COLA. This is because they are accustomed to receiving one each year. And, we all know seniors vote.
So, President Obama has proposed a raise anyway. He suggests a $250 payment to seniors to help ease the pain. And Congressman Walter Jones of North Carolina has introduced legislation (HR-3557) that would give Social Security recipients a raise in 2020 anyway. It would provide a raise equal to the average COLA of the last ten years, about 3%.
Unemployment is near 10% (Higher in California). Many who still have jobs have experienced pay cuts through such techniques as furloughs as well as straight cuts, not to mention reduction in benefits and shifting of more of the costs of benefits to employees. The Social Security Administration says the cost of living has not gone up in the last year and under current law no COLA for Social Security recipients, most of who are retired, will be forthcoming in 2010.
Do we really want the President and/or Congress pushing a raise in retirement pay for Social Security recipients in such an environment? Should these seniors just be expected to “suck it up” like the rest of us are having to do in these tough economic times? Or, do they deserve a raise at taxpayers’ expense anyway?
Actually without the raise and even with a small riase, many social security recipents will have an overall pay cut.
Co-payments for medicare in many states are going up.
So An increase is in many cases just a trade off.
In Colorado, the minimum wage is going DOWN, because the cost of living has fallen. This is the first time in the more than 30 year history of minimum wage laws that that has happened. De-flation begins. The dying dollar. The rise of gold. Obamanomics in full bloom.
According to my SS benefits statement that I just recieved, the trustees are telling me that there will only be “enough money to pay about 76 cents for each dollar of scheduled benefits.” So, if today’s recipients are not getting a COLA increase, then cry me a river. They should get a 24% cut today just like I will because the generation recieving benefits now is the generation that could have privatized but did not. They chose to spend past surpluses policing the world, giving aid to organizations like the PLO, etc., etc., etc.
My generation has fought for social security privatization. My Young Executives of America group hosted Jose Pinera of Chile twice in recent years to educate voters on the benefits of privatization. In my state assembly race my number one issue was to have California assert its 10th amendment right to let Californians opt out of the federal SS system for a better private account alternative.
And I will fight for that right again as I run for State Controller in 2010.
Andy Favor
Candidate for State Contoller
andy kiss my donkey congress just voted theirselves a cost of living raise try living on $875.00 per month you bailed out banks insurance co union workers car makers and every other sob yet i cant get a $30.00 raise in my ss i guess you live on $875.00 per mo again kiss my donkey jack taylor richmond virginia i will take george bush any day over beerrock obama
Correction – The year 2020 in the third paragraph from the bottom should be 2010. Apologies.
Andy Favor is right.
No increases for Social Security.
Social Security is going broke.
Why hasten it?
Medicare is going broke.
The Post Office is broke.
Government Health Care will go broke.
The California government is broke already.
And so is the US Government.
Reduce taxes on small businesses so they can start hiring.
There is an election in 3 years! want to bet none of the ones who voted for no pay increase will be in office afterward?
how are people who are hardly expected to get the raise in heat, water, gas, gasoline. car insurance, house insurance, food. clothes, shelter, warm clothing, suppose to get all this on 861 a month….food pantries, should be unheard of in our generation……
what senator or member of congress who have gotten raise after raise do such a thing to the lower income bracket….I think they should try living on our amount. and see how hard it is….
I voted the men for the congress…and am very disappointed in the results they have shown me.
the elderly depend on this yearly raise. some live soley on their social security checks to keep their heads above water. why should the elderly be punished??
Why is it alright the government to give itself a raise.
If were so broke why aren’t the big boys taking a pay cut.
I’m sick and tired of them spending our money like it was
theirs. Take back control, no more spending without us
voting on it. I didn’t want to bail out GM or AIG (enough) but nobody asked me. STOP
If our forefathers made one mistake, it was leaving Congress only in charge of our money. We should demand that our leaders take same pay cut as we do; take same health plan and pay into Social Security. Also, when they retire, they get their FULL pay as while working. Country is run by Millionaires. I’ve been on Capital Hill, eaten @ restaurants they do that few can afford. We had tea & it was EXPENSIVE
President Obama has proposed a raise anyway. He suggests a $250 payment to seniors to help ease the pain
in what month are we going to get the raise?
whats the score my social security check will decrease by 46-00 a month this year
just today got my notice . same for my wife,total of 92.00 each month ,goverment shoving it to the retirees . we dont know who to complain to but will be trying,they blame it on insurance.OBAMA stinks.dont believe any thing they say. WE ARE IN OUR 70S.ANY RETIREES CHECK YOUR SS CHECKS THIS MONTH
Seniors should get a Social Security raise in 2010. We should think of seniors before we think of foreign countries pledges. Our insurance supplement have increase in premium.
Who are these 10 democrats who joined the 40 republicans to defeat this bill?
Come out whoever you are?
I’m retired and would like to know if we are going to get 250.00 this year because we are on a set income and find it very hard paying our bills. Please get back to me ASAP. Thank you
Just put the many billions of dollars back into the Social Security fund that has been stolen over the years and there would be plenty of money.
Look at the trillions wasted for the oil companies in Iraq.
Has the folks who decide about the “COLA” been to a gas station or grocery store in the last few years or do they have their hired help do that for them.
Now fire me Mr President!
Dave Foster
Are we or are we not going to get a raise this year or next year.
the goverment would have more money if we did not bomb and rebiuld in other country’s
I have to agree with alot of people here, if we did not help every country we have fought to rebuild and NOT gotten repaid we would have plenty of money. The eldery live on meger incomes some at 767.00 a month. How in the heck do you expet these people to eat for a month or live anywhere?? average rent is over 500.00 for a one bedroom crap hole. It is not fair these people should not have to suffer and pick wether they have food or a place to live or lights or heat come on do something.
sounds like to me they just want to bump the old folks off, Lets just starve them, and put them out on the streets to fend like a homeless person,How many this winter will be found dead because they couldn’t afford the heat bill….How many will have to choose between food and medications….. SHAME on you,Congress,,Shame on YOU. I work in a Hospital and we have an increase with elderly being admitted due to the cold (no heat in their homes) being admitted for not having the medications they need(the choice between food or medication) The list goes on, If anything that disgraces me about our Government officials is how this country treats the elderly…..These seniors worked to the bones all their lives, they already went through the struggles of the 40’s with a WORLD war….fought for this country. This is down right mean,,,,,,,,, Congress SHAME on you. While you all live high off the hog…..Think about your Mom or Dad going without food, heat or medication…Oh that’s right, they don’t have to worry, you have plenty to make sure that doesn’t happen. I wish you could look my mother in the face at 86 years old and tell her she has to live on $800.00 a month but deduct the $286.00 a month she has to spend on a secondary medical supplement to cover what medicare doesn’t pay, Oh and deduct what she has to pay for her life insurance, that will not even cover the cost of a burial today. Lets see then there is food, lights, heat, phone, all a necessity, WoW whats left for rent??????? And God forbid she needs a new pair of underware…SHAME SHAME SHAME…..
got news for you, these seniors have paid taxes to so its not just at current taxpayers expense. we have paid in.