Seniors who count on Social Security have been feeling the effects of low cost of living, or COLA, increases. For the last ten years, the increases have averaged 2%, according to the Wall Street Journal’s article, “Schumer Pushes $581 Payment to Social Security Beneficiaries.”
While the price of gasoline may have retreated from previous high prices, health care costs have grown exponentially, and food prices have increased. These are two costs that hit the elderly and disabled particularly hard.
The legislation, originally introduced by Sen. Elizabeth Warren from Massachusetts, would provide a one-time payment of $581 to more than 65 million Social Security recipients.
The proposed source for the payment would come from taxing corporate pay packages valued at more than $1 million that are currently tax-exempt.
Critics say that this is a stop-gap measure that won’t help the larger problems facing Social Security.
Try telling that to a senior who has to make a choice between buying food and paying for medication.
Source: The Wall Street Journal, October 24, 2016, “Schumer Pushes $581 Payment to Social Security Beneficiaries.”