House to vote on bonus payment for Social Security

[babylonsister]

And take a guess where the opposition might come from. Go ahead, guess!

http://news.yahoo.com/s/ap/20101015/ap_on_go_co/us_social_security_no_cola

House to vote on bonus payment for Social Security
AP

By STEPHEN OHLEMACHER, Associated Press Writer - 37 mins ago


WASHINGTON – The House will vote in November on a bill to provide $250 payments to Social Security recipients to make up for the lack of a cost-of-living increase for next year, House Speaker Nancy Pelosi said Thursday.

The Social Security Administration is expected to announce Friday that more than 58 million retirees and disabled Americans will go a second consecutive year without an increase in benefits.

Pelosi said she will schedule a vote on a bill to provide the $250 payments when Congress returns for a lame duck session after the Nov. 2 congressional elections. The payments would be similar to those provided by the government's massive economic recovery package last year.

But even if Pelosi can get the House to approve a second payment, the proposal faces opposition in the Senate.

snip//


President Barack Obama pushed for a second $250 payment a year ago, but the proposal failed in the Senate when a dozen Democrats joined Republicans to block it.

Rep. Earl Pomeroy, D-N.D., has introduced a new bill to provide the $250 payments. Pomeroy, who chairs the House Ways and Means subcommittee on Social Security, said lawmakers this time may be more supportive after hearing from voters in November.

"Seniors who rely on their modest Social Security payments need these cost-of-living adjustments for their day-to-day survival," Pomeroy said. "Passing this bill will ensure that the lack of cost-of-living adjustment will not jeopardize seniors' ability to survive on their benefits."

[RC]

1. They must be feeling guilty about lying to us about there being no inflation.

[sad sally]

4. Make enough of us old people mad about this myth - NO INFLATION -

and plenty of us will pull out those rusty pitchforks we still have. Seriously though, whichever genious sez' nuthin' costs more today doesn't pay utility bills or shop for groceries. Lots of folks besides retired ones who haven't gotten pay increases for two years or more also know a lot about that absent inflation - ha!

[ClarkUSA]

17. Quote where "they" ever said that.

[Diamonique]

2. It doesn't matter what the House does.

The bill will die in the Senate.

[babylonsister]

3. Depending on the make-up of the House, it could die right there. nt

[Mimosa]

5. Our big problem: "a dozen Democrats joined Republicans to block it". n/t

[golfguru]

6. Where will this money come from? I thought we have Trillion $ budget deficits

Will this money be borrowed by selling US Bonds to US citizens or
will it be borrowed from China?

I am on social security so I will actually benefit from this $250 check. But I am not happy about owing more money to China.

[girl gone mad]

11. The government doesn't have to borrow to finance spending.

In fact, our government has given over $1 trillion to the banks in the last year without selling a single bond to cover it.

[golfguru]

13. You mean they printed it?

[girl gone mad]

19. There was no printing involved..

modern money is a spreadsheet. To quote Galbraith:

"When government spends or lends, it does so by adding numbers to private bank accounts. When it taxes, it marks those same accounts down. When it borrows, it shifts funds from a demand deposit (called a reserve account) to savings (called a securities account). And that for practical purposes is all there is. The money government spends doesn't come from anywhere, and it doesn't cost anything to produce. The government therefore cannot run out. "

The Federal Government can issue all the money it needs to spend. It doesn't have to borrow dollars from you or I or China. It doesn't even need to collect taxes to spend. The Federal government can create all the dollars it needs out of thin air. To answer your question below, treasuries aren't issued so the government can spend. Treasuries are issued to mop up excess bank reserves so the Federal Reserve can control the Fed Funds rate.

[golfguru]

16. Your POV doe not make sense cuz why are we then carrying 13 Trillion

national debt with yearly interest on that debt approaching
a Trillion dollars every year, for ever?

[David Zephyr]

7. This is a brilliant move. But it needs to be shouted from the rooftops so Seniors know about it.

:)

[babylonsister]

8. I agree; maybe today they'll chat it up. I'd bet rethugs won't

say a word either way.

[David Zephyr]

12. Democrats should not rely on the media to carry this for them. They won't.

It's a great move by Pelosi (who I admire even though many here don't anymore). But the "news" needs to get out there. And quickly.

[tavalon]

9. How much catfood would that buy in this economy?

I suppose it could pay for a good ladder for dumpster diving.

Every year at Christmas, the company I work for gives each of us a $5 Starbucks card. I honestly would prefer if they would just not do anything. That's the way this strikes me.

Edited to add: I'm not saying Seniors shouldn't get this, it's just that it should be so much more. Our values are so skewed and this, whether it passes or not, really still highlights that bombs are more important than people. I hate that.

[babylonsister]

10. How much do you think would be gained per SS recipient

if the COLA was in effect? More than $250? I have no idea, but I wonder how much yearly would be realized.

[great white snark]

15. "catfood", "dumpster diving"

Why not add "death panels" for the Republican talking points scare tactic trifecta?

[tavalon]

21. Um, I'm trying to say that the safety net needs to be stronger, COLA or not

I'm on your side.

[girl_interrupted]

20. Agree with you, I read the saddest article about this today

Politicians hear seniors' Social Security needs
100 seniors gathered to show their support for local pols who say they will bolster Social Security and protect Medicare from privatization

"Anna Hill's $960 Social Security check doesn't go far; she pays $810 in rent each month, leaving just $150 for food, clothes and the co-pay on her two prescription medications."

"She turns to friends for small loans whenever she's short."

"I'd just like to be independent," she said. "I feel like I lost my financial freedom."

"McCarthy, who is running for re-election, said seniors have a right to collect from the fund they've been paying into all of their working lives."

"Social Security is not a gimme," she said. "We've paid into this. It's something you've been doing since your first job."

http://www.newsday.com/long-island/suffolk/politicians-hear-seniors-social-security-needs-1.2363141

With Seniors living on a fixed income and rising costs on everything they need, I don't know how they are expected to survive even with an extra $250. We can find money for wars, banks, etc, but not for the most vulnerable of our citizens.

[Robbins]

14. Good

The country Is screwed If the pundits are right and Republicans take the House.

People like my grnadmother who live on Social security and myself who live on SSI could be seriously screwed next year especilly
If Republicans were to shut down the Government.

Once again we see Obama wants to offer help but Republicans and Dino's don't.

[ClarkUSA]

18. Inflation is too low to warrant a COLA, according to the SS spokesperson interviewed by NPR today.

Good news. My father will appreciate it.