Navigation Links
Seniors to Receive $0.00 Increase in Social Security Next Year

Congressional Budget Office Forecasts First-Ever Zero Percent Automatic COLA Raise for 2010

WASHINGTON, Jan. 13 /PRNewswire-USNewswire/ -- The 37 million Americans aged 65 and over who receive a Social Security check each month are forecast to receive no increase in their Social Security checks next year, according to the Congressional Budget Office's (CBO) 2009 Budget Report.

That would mark the first time since automatic Cost of Living Adjustments (COLA) went into effect in 1975 that seniors would fail to get an increase. Since automatic raises were established, seniors have never failed to receive an annual increase of less than 1.3 percent.

The CBO's Budget and Economic Outlook: Fiscal Years 2009 to 2019, reads on page 29, "[The] CBO anticipates that the year-over-year change in consumer prices for the third quarter of 2009 will show a decline, which implies that next year's cost-of-living adjustment for Social Security and most other benefit programs will be zero."

"If Social Security benefits don't start catching up to the real rise in costs, we're going to see a wave of seniors falling beneath the poverty line," said Daniel O'Connell, chairman of The Senior Citizens League. "It's particularly outrageous that seniors may be forced to accept a $0 raise next year, as our lawmakers have just accepted a $4,700 raise for this year."

Supporters of a zero COLA increase will likely argue that such a move in a deflationary period is fair. However, they do not mention that the way the COLA is calculated fails to accurately track senior costs, since it is based on the spending habits of young, urban workers. As a result, senior costs may go up during periods of deflation, reducing their buying power even further.

A study released by The Senior Citizens League last year found that seniors have lost 51 percent of their buying power since 2000.

The Senior Citizens League advocates a COLA that more accurately tracks the rising costs seniors must endure.

With 1.2 million supporters, The Senior Citizens League ( is one of the nation's largest nonpartisan seniors groups. TSCL is a proud affiliate of The Retired Enlisted Association.

SOURCE The Senior Citizens League
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Oral Health a Matter of Life and Death for Seniors
2. GAO Report Confirms: Medicare Underpays for Anesthesia Services; Nurse Anesthetists Assure Seniors Access to Safe Anesthesia Care
3. Seniors Need a Safety Plan in Face of Disasters
4. High Co-Pays Cause Seniors to Go Without Meds
5. Study finds drug spending caps cause some seniors to quit taking key medicines
6. Medicare Spending Caps Cause Seniors to Stop Meds
7. New Report: Dangerous Drug Side Effects and Deaths Doubled Since 1998... Seniors Hit Hardest
8. Medicare Cuts to Physicians Will Harm Washington Seniors
9. Obesity Wont Affect Seniors Memory
10. Study finds drug spending caps cause some seniors to quit taking key medicines
11. New York Times Exposes Harm to Seniors After Private Equity Buyouts of Nursing Homes
Post Your Comments:
(Date:10/13/2015)... , ... October 13, 2015 , ... ... communities, and the Florida Apartment Association (FAA) has partnered with the Florida Department ... meet the demand. , The FAA Smoke-Free Multifamily Housing Program launched last ...
(Date:10/13/2015)... ... , ... Just under three months ago, eMarketing Concepts forever changed ... effectively offering all of their services for just a buck in the first month. ... phone calls from interested buyers. As a genuine one-stop-shop for internet marketing, EMC has ...
(Date:10/13/2015)... CA (PRWEB) , ... October 13, 2015 , ... ... announced the release of a new PDF automation tool to batch conversions ... and business mandates with 100% document fidelity. , CADConverter eliminates the complexity requirement ...
(Date:10/13/2015)... ... October 13, 2015 , ... The Bill Howe Family of Companies ... offering expert reconstruction and flood remediation services. Family-owned and operated for 35 years, they ... the Best San Diego plumber two years in a row from the Union Tribune ...
(Date:10/13/2015)... Somerset, N.J. (PRWEB) , ... October 13, 2015 ... ... advanced delivery technologies and development solutions for drugs, biologics, consumer health and animal ... Science and Technology, and will lead a new, dedicated global team of drug ...
Breaking Medicine News(10 mins):
(Date:10/12/2015)... -- Given the intricacy of the anatomy and ... an ophthalmic drug effectively to a specific ocular site. Several ... delivery. These include dilution of a drug by tears, clearance ... drug permeation issues with respect to the cornea, sclera and ... is lost due to the aforementioned barriers. --> ...
(Date:10/12/2015)... WASHINGTON , Oct. 12, 2015  Former White House ... Press Secretary for the House Narcotics Committee, Robert Weiner ... "Rewriting Drug Policy." The two emphasize that this is now ... Clinton to Jeb Bush , Carly Fiorina ... Sordello cite the newest federal statistics, which they call "a ...
(Date:10/12/2015)... Corporation (NASDAQ: LMNX ) today announced that it expects ... 2015 on Monday, November 2, 2015. A press release announcing ... trading. --> --> ... highlights and financial results for the third quarter ended September ... time. . Simply log on to ...
Breaking Medicine Technology: