President Obama proposes an extra $250 one-time payment for retirees and veterans

October 15, 2009

US (ChattahBox) — President Barack Obama is urging Congress to approve $250 payments to more than 50 million senior citizens plus other retirees to make up for not having an increase in Social Security next year. The payments will also be extended to veterans and people with disabilities. The subsidy effort comes as Social Security payments will not provide a cost of living adjustment (COLA) For the next two years, an occurrence that is expected to have a negative impact on many senior citizens. The lack of an increase for the first time since Social Security automatic increases were adopted in 1975, is due to the lack of inflation in our current economy. As inflation increases, cost of living drives Social Security payments up.

The president wants Congress to make the one-time payments to roughly 57 million people, including roughly 1 million public sector employees ineligible for Social Security, Supplemental Security Income, or veterans benefits.

“This additional assistance will be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis,” Obama said in a statement issued Wednesday.

White House officials put the cost of the checks, which would go to all Social Security beneficiaries, regardless of their income, as well as disabled veterans, those eligible for railroad retirement payments and people who receive federal and state government pensions instead of Social Security, at $13 billion.

Source


Comments

4 Responses to “President Obama proposes an extra $250 one-time payment for retirees and veterans”

  1. Replica Gucci Shoes on October 15th, 2009 8:40 am

    The lack of an increase for the first time since Social Security automatic increases were adopted in 1975, is due to the lack of inflation in our current economy. As inflation increases, cost of living drives Social Security payments up.

  2. chris brown on October 15th, 2009 12:24 pm

    I think its a good thing that seniors are getting an increase. Because seniors have it hard.

  3. Hunting & Fishing » Blog Archive » Trout Fishing For Beginners - 3 … | Hunting Leisure Knowledge on October 17th, 2009 11:27 am

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  4. Rheea Ellis on October 20th, 2009 1:54 am

    as the wife of a highly decorated Marine veteran Vietnam with cancer misdiagnosed by the VA. A child dead from birth defects and a life , lived with PTSD . a father who served in Korea dead at age 46 and many sacrifices willingly given to my country .. I will send this check back and ask this man to honor our flag, country, and send troops to Afghanistan and get this job done and stop leaving our people alone and betrayed by this government.

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