The Obama Social Security Administration Trustees say there will be no Cost Of Living Adjustment next year, or the following year. This has not happened since 1975 when the COLA were made automatic.
Due to an increase in the cost of the Medicare Prescription Drug Benefit, Senior Citizens will see their monthly check actually go down. In January, 2009, while George W. Bush was still in office, Seniors saw a 5.8% increase in their benefits. This Bush increase is likely to be the last increase for at least 2 years.
As the price of energy taxes increase due to Obama’s Cap and Trade Tax plan, Seniors will see their income drop and energy prices are predicted to double or triple. Many elderly will be forced to choose between Prescription medications and heating and cooling.
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