Elizabeth Warren’s Plan to Give Seniors an Emergency Boost

[paul ofnoclique]

For only the third time since 1972, elderly Americans won’t be receiving a cost-of-living increase in their Social Security benefits. Reaction to this announcement in late October was muted in official Washington, which was enthralled with a House speakership election and a budget deal, but for the 65 million Social Security recipients who depend on benefits—and for certain veterans and Americans on disability who are also affected by the freeze—this was perhaps the biggest news to come out of DC this year.

A majority of Social Security recipients don’t have income from other sources, and rely on benefits that are already fairly meager. The average retired worker on Social Security got $15,943 in 2014, which is only 30 percent over the poverty level.

So a flat paycheck for another year represents a significant burden for millions of these beneficiaries. They aren’t getting a cost-of-living adjustment because there was actually a 0.4 percent decrease in the government’s calculation of the cost of living from the third quarter of 2014 to the third quarter of 2015. The government uses a formula called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to calculate Social Security benefits, and that index revealed a slight decrease in the cost of living, primarily because gasoline prices fell sharply in the past year.

This is where advocates for seniors call foul: A drop in gasoline prices largely benefits younger Americans, while seniors, who already pay twice the medical costs as the average American, saw inflation in healthcare prices along with traditional outlays like food and housing. In other words, an elderly grandmother who no longer drives but has seen her prescription prices go up is effectively being told by the government her benefit check won’t get a cost-of-living bump because gasoline is cheaper.

http://www.thenation.com/article/elizabeth-warrens-plan-to-give-seniors-an-emergency-boost/

Warren absolutely rocks!

[randys1]

1. The GOP which wants the WH back will oppose this of course.

Isnt Paul Ryan for doing away with medicare and social security?

[newfie11]

2. Yes she rock big time!!!!!

Go Liz!

[OffWithTheirHeads]

3. I'm retired. I, MAYBE use a tank of gas a month but I can barely get out of Safeway

for less than $70.00. This is per day! Cat food? Have you seen the prices of catfood lately? I spend more on dog food and treats for my little Shi-Tzu than I used to spend on groceries for the entire month. But fuck, gas (which I hardly use) has gone down so I don't need a raise. If only the industries that benifit from lower gas prices would pass those savings down. Yeah! Good luck with that!

[Wellstone ruled]

4. Yes!!!!

There are 65 million people who need to vote their Pocket Books for sure. Yes Gas dropped in price,but,as a ex grocery and food Sales Guy,Staples and perishables have increased price wise almost 10% in the same time frame. The formula for the CPI-W is so tainted by the inputs. Check your grocery bill or your light bill,bingo,more than a .04% increase. How about drug expense,don't even go there,it is not pretty.

[Beartracks]

5. Aaaaand... many who choose to "vote their pocketbook" will mistakenly...

... blame Obama -- and by extension, all Democrats -- because Fox.

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