Social Security Rates Hold Steady

In yet another economic blow for Democrats clinging to their majorities on the heels of next month’s midterm elections, the Social Security Administration announced that millions of retirees and disabled workers would see no cost-of-living adjustments for the second year in a row, a result of the low U.S. inflation rate. As a result, President Obama will pressure Congress to send senior citizens a one-time payment of $250 to help them survive another year without any increase in their Social Security benefits. The $250 Economic Recovery Payment is similar to a payment made by the federal government last year to offset the state Social Security rate for some 50 million Americans. Though the idea is supported by Democratic House Speaker Nancy Pelosi, it may see difficulty being passed by Senate Republicans. There are more than 58 million Americans receiving Social Security payments that average about $1,200 a month.