Obama called on Congress Wednesday to approve the second round of stimulus payments, and several key lawmakers said they would. "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," Obama said in a statement. The $250 payments would go to Social Security recipients as well as those receiving veterans or disability benefits, railroad retirees, and retired public employees who don't receive Social Security. Recipients would be limited to one payment, even if they qualified for more.
There will be no cost of living increase for more than 50 million Social Security recipients next year, the first year without a raise since automatic adjustments were adopted in 1975, the government announced Thursday. Cost of living adjustments are pegged to inflation, which is negative this year because of lower energy costs. Social Security recipients shouldn't get a raise next year because their purchasing power has already increased with falling consumer prices.
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