No Social Security Increase

There's been quite a stink brewing about the fact that for the first time since 1975, there will be no COLA (cost of living adjustment) for recipients of Social Security. Most of the complaining is coming from seniors (as might be expected), and I suspect right-leaning news outlets are probably stoking the fires as are many people who are opposed to President Obama's policies and even the man himself. As for me, I'm a big fan of no bailouts. This administration has given away enough of our money to keep us financially underwater for decades if not generations, and they're not through yet. Right now you might be thinking, "Who said anything about bailouts?" The answer is President Obama. He's of the opinion that since seniors won't be getting a COLA, we need to give them each $250. The economy is tough, 401k's are down, seniors are struggling. We should give them money. So sez the prez.

According to the Social Security Administration,

"By law, Social Security and Supplemental Security Income benefits increase automatically each year if there is an increase in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), from the third quarter of the last year to the corresponding period of the current year. This year there was no increase in the CPI-W from the third quarter of 2008 to the third quarter of 2009."

In fact, the CPI-W actually declined 1.6% from September '08 to September '09. So the way I do math, by not taking a 1.6% cut in benefits, SS recipients are in effect receiving a 1.6% increase. The checks they get today buy 1.6% more than the same check would have bought last year. Seniors who complain about this are losing credibility with me. And President Obama, by wanting to give away more money due to this financial tragedy, well he had no credibility to lose in my book, but I am a little more angry with him. If I walked into my bank and handed them my Discover Card and said I'd like $1000.00 in cash please, would the cash in my hand suddenly make me rich? Heck no, I wouldn't have anymore money than I did before and plus, now I have to pay it back with interest. That means I'd be losing money, not getting richer.

Obama already has the Obambies in his pocket. Now, it looks like he wants to buy the Senior vote with our money. Give me a break. Please do.