Navigation Links
Seniors to Receive $0.00 Increase in Social Security Next Year
Date:1/13/2009

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 (www.SeniorsLeague.org) 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:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... ... March 24, 2017 , ... Texas Physical Therapy Specialists (TexPTS) is ... 9618 Huebner Road. The clinic is the group’s 7th location in San Antonio and ... Higgins, PT, will provide care from the clinic, which opened March 22, 2017. ...
(Date:3/24/2017)... ... 24, 2017 , ... As the standards bearer of advanced ... that positions them as the go-to thought leader in all matters concerning oncology ... an always-on, always-fresh news, views and advocacy engine, called ONS Voice. , The ...
(Date:3/24/2017)... ... March 24, 2017 , ... ... ) announced their partnership to prep patients for colonoscopy at the HyGIeaCare® Center ... in 87th Ave., Miami, FL. , The HyGIeaCare® Prep, cleared by ...
(Date:3/24/2017)... ... March 24, 2017 , ... “Vintage and Harvest A ... minister and college Bible teacher residing in North Carolina with his wife, Anna Marie. ... blessed them with six grandchildren. David is also the author of “Shadow and Substance.” ...
(Date:3/23/2017)... (PRWEB) , ... March 23, 2017 , ... The physicians ... location in the greater Houston Area. The new location is located at 2255 E. ... Hospital in Springwoods Village. This newest location will provide patients living in the north ...
Breaking Medicine News(10 mins):
(Date:3/24/2017)... FinancialBuzz.com News Commentary  ... According to new data published Arcview ... legal cannabis market is projected to continue to grow at ... the current presidential administration. The report created by Arcview,s data ... growth in this industry are the passage and subsequent implementation ...
(Date:3/24/2017)... , March 24, 2017 Global ... industry including definitions, classifications, applications and industry chain structure. ... market including development history, competitive landscape analysis, and major ... ... spread across 105 pages providing 10 company profiles and ...
(Date:3/24/2017)... , March 23, 2017  HealthMine surveys with ... 2017 revealed that health plan members want help from ... to stay engaged in their health, 2) help closing ... integrated platform for health and 5) relevant, real-time guidance. ... and lowering healthcare costs. A ...
Breaking Medicine Technology: