(no subject)
Paying off the seniors. Too late - you've already lost them.
Dear President Barry: Seniors aren't the only ones who've seen their retirement accounts and home values decline. It's happened to EVERYONE. The purpose of the cost of living increase isn't to give the folks a raise, it is to cover, you know, the increase in the cost of living. And nice of you to just add it to the deficit. What's another $13 billion when you've already run up trillions upon trillions that my daughter and her children will be on the hook for.
WASHINGTON (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.
...
"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. "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."
...
The White House put the cost at $13 billion. Obama said he would not allow the payments to come out of the Social Security trust funds, further eroding the finances of the retirement program. Social Security already is projected to pay out more in benefits than it collects in taxes in each of the next two years.
However, Obama did not offer any alternatives to finance the payments. A senior administration official said Obama was open to borrowing the money, increasing the federal budget deficit. The official, who requested anonymity, was not authorized to speak on the record.
Obama calls for $250 payments to seniors
Dear President Barry: Seniors aren't the only ones who've seen their retirement accounts and home values decline. It's happened to EVERYONE. The purpose of the cost of living increase isn't to give the folks a raise, it is to cover, you know, the increase in the cost of living. And nice of you to just add it to the deficit. What's another $13 billion when you've already run up trillions upon trillions that my daughter and her children will be on the hook for.
WASHINGTON (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.
...
"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. "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."
...
The White House put the cost at $13 billion. Obama said he would not allow the payments to come out of the Social Security trust funds, further eroding the finances of the retirement program. Social Security already is projected to pay out more in benefits than it collects in taxes in each of the next two years.
However, Obama did not offer any alternatives to finance the payments. A senior administration official said Obama was open to borrowing the money, increasing the federal budget deficit. The official, who requested anonymity, was not authorized to speak on the record.
Obama calls for $250 payments to seniors