Wednesday, October 14, 2009

Obama Wants to Give Seniors $250

$13 billion in total. Where's the money coming from, Mr. President?

If the President has his way, 50 million-plus seniors and veterans benefits, disability benefits, railroad retirees and retired public employees who don't receive Social Security will receive $250.

Obama calls for $250 payments to seniors
(STEPHEN OHLEMACHER, 10/14/09 AP via myway news)

"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.

"It would mark the first year without an increase in Social Security payments since automatic adjustments were adopted in 1975.

""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.""

As to how this would be funded, the article has this to say:

"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."

There are similar bills already floated by several Senators.

My take: to placate seniors who crowded the townhall meetings this summer throughout the country to protest against the administration's health care "reform".

You can call me cynic.


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