A day after it was made official that there would be no cost of living adjustment in 2010, President Obama proposed a one time $250 check be sent to all of the Social Security beneficiaries.
The plan would still need to meet congressional approval before it is put into action. The payment is equal to roughly a 2% increase from last year’s payment. Even with the proposal, some groups want more in the economically adverse situation. The following is from a Wall Street Journal article on the subject:
The Senior Citizens League, a nonpartisan group dedicated to protecting seniors’ benefits, said $250 wouldn’t go far enough for many elderly people struggling with high health-care costs. The group wants an emergency cost-of-living increase of 3%, rather than the White House’s one-time payment.
If President Obama’s plan is approved, it would be the second $250 check that Social Security beneficiaries have received in as many years.
Let us know what you think in the comments section. Is this too much, not enough or is it just right?