Friday, October 15, 2010
New Push on Social Security Benefit Checks
The Obama administration is planning to give $250 each as bonus to the 58 million recipients of Social Security due to the lack of increase in benefits last two years. However, this has still not been approved and has been postponed after November 2nd elections. The administration further states that another bonus will not be given till the consumer spending reaches the same level as the 2008 spending. But, is it feasible for the administration to undergo more debt and pay the bonus?
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7 comments:
I really hope they do not give the $250 bonus, there is no way that people of our generation will have social security. We already have a trillion dollar federal deficit. I agree with not raising unless we surpass those 2008 levels, but until then there is really no need. Maybe we should cut back to the level that we were at before 2008? We'll see what happens, we will probably keep taking on more debt oh well.
I do not agree with the giving of $250 to each recipient. Social Security is already a concern and the fund is going to run out eventually if nothing is done. Giving out this money will only deplete it faster. If the fund runs out, people in the working world today will probably only receive 80% of there allotted S.S. when they retire. I just do not think the government should speed up the process unless something is done like raising the retirement age. It is a fact that people are living longer too. $250 to 58 million recipients is a large amount of money and should be greatly reconsidered before they decide to do this.
The problem is not that social security benefits are too high, but that not enough money is being put in to social security funding. The $250 bonuses should be extended - there has not been an increase in the amount paid out for social security for two years, even though there has been a cost of living increase in this time. The COLA (Cost of Living Adjustment) does not accurately capture the inflationary pressure on goods and services senior citizens actually buy. Extend the bonus - social security payouts aren't increasing with increasing cost of living.
I would agree with Ben. Social Security should be increased. The problem is that we cannot increase it without either increasing the deficit or raising taxes, both of which are politically infeasible. We need to either choose as a nation to actually invest in Social Security, or to find some other way to take care of our citizens post retirement. Right now a $250 bonus seems foolish since it will not actually fix the system, and it will not increase the standard of living in any tangible way for those currently on Social Security.
I agree with Spencer and Neil in not giving the $250 bonuses. I don't think the government should pay out even more money with social sucurity. Like Becky said a $250 bonus will not do anything big since it is only $250. For most families $250 will only buy groceries for one trip to the store. Also, we need to save S.S. if our generation has any hope in receiving social security payments.
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