October 21, 2020

No Social Security Increase for Senior Citizens

“For the third year in a row, senior citizens will not be getting their social security increase.

Social Security Increase

Each year, Social Security recipients are supposed to get a cost of living increase in the benefit amount that they receive. This cost of living increase is tied to inflation, which has been rising in recent years.

The rising cost of health care and a government that is having to do some financial belt-tightening have created a very difficult situation for the aging segment of American society.

A Social Security increase was expected this year but the government has decided to put off the incremental increase in Social Security benefits for another year, which may create serious political repercussions for the Obama administration – but more importantly, it will definitely have a major impact on the lives of millions of seniors.

This has created a serious problem for retirees and disabled people because they comprise a huge percentage of American population and with prices of almost everything going up (inflation) – they get caught between a rock and hard place because their benefit amount stays the same.

The ongoing economic turmoil of 2008 has still left many people bearing the burden of high mortgages, loan defaults, and rising prices on essentials like food, utilities and gas – if government does not intervene in the right time, the Social Security increase issues will definitely create serious political problems in the country.”

For more information, visit http://www.charlotteobserver.com/2011/03/28/2178034/no-raise-in-benefit-for-most-seniors.html

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