Good news for our seniors who are struggling to make ends meet with CDs paying 1% (if they are lucky to have money to put in CDs). I hope the bill passes.-Lou
New Bill Introduced in Congress Would Give 37 Million Seniors an Estimated $415 More in Social Security Payments Next Year
Emergency COLA Bill Would Boost 2010 COLA from Zero to Three Percent
WASHINGTON--(Business Wire)--A new bill introduced in the U.S. House of Representatives would give the average beneficiary an additional $415.20 in Social Security payments in 2010, a boost of $34.60 per month. Without such intervention, the Congressional Budget Office (CBO) forecasts that seniors will see no increase in next year`s checks.
The Emergency COLA Bill (H.R. 3557), encouraged and promoted by TSCL from the beginning, was introduced earlier this week by Rep. Walter Jones (R-NC). The bill would provide a COLA for 2010 equal to the average of the COLA over thepast ten years. That average is roughly three percent. In June, The Senior Citizens League (TSCL) became the first national group tocall for an Emergency COLA for 2010. In addition to Rep. Jones` bill, VermontSen. Bernie Sanders announced plans to introduce an Emergency COLA bill,possibly later this month.
"Our nation`s seniors will no doubt be grateful to Rep. Jones for introducing legislation that will help them keep up with inflation," said Daniel O`Connell,TSCL chairman. "But the work has just begun - we need every senior citizen to immediately contact their entire Congressional delegation and encourage them to pass the Emergency COLA Bill."
Almost 70 percent of beneficiaries depend on Social Security for 50 percent or more of their income. Social Security is the sole source of income for 15 percent of beneficiaries. "I am extremely disappointed that our nation's seniors are being refused a modest Social Security COLA in 2010," said Rep. Jones.
"As seniors struggle topay their mounting bills, Congress needs to reign in unnecessary spending and instead focus on actual needs, like ensuring that our seniors are granted the COLA they need to help make ends meet." Since automatic Cost of Living Adjustments went into effect in 1975, seniors have never before failed to get an increase. Without an Emergency COLA, millions of seniors will receive cuts due to the soaring costs of prescription drug plans, which many beneficiaries have automatically deducted from Social Security checks.
Visit www.SeniorsLeague.org for more information.
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Wow! thanks for going along with the old folks Lou "I hope the bill passes. Lou"
ReplyDeleteWith the ever increasing debt and he FDIC running on fumes I thought you'd have a different outlook on this. But than again if they can print extra for the "big boys on wall street" I guess they can print a few more for us low class seniors.
I mean hell they already exclude dental, eye care and hearing aids from Medicare, I was always wondering if those items aren't medical what are they? lol
I was wondering why they found a 3.4% hike for active duty and active federal employees earlier, I guess that includes the Congress and Senate, so maybe they feel bad, smirks
Hell I remember 2% myself on active duty during the Reagan term.
I just hope they don't choke if the CPI actually shows an increase (if they don't lie about the figures) or maybe they're trying to do a primitive strike, who knows. But like you said banks are squeezing every drop and payin little to nothing for CD savings as it is.
"its a wonderful life" , smirks