Social Security Blues

In the previous post, Dean Baker noted that Social Security payments went up considerably last quarter because they’re based on inflation measurements that included the big runup in gasoline prices through mid-2008 but not their subsequent fall.  Needless to say, though, there’s a flip side to that:

For the first time in more than three decades, Social Security recipients will not get any increase in their benefits next year, federal forecasts show.

…. The forecasts, by the Obama administration and the Congressional Budget Office, indicate that Social Security beneficiaries will not receive any cost-of-living increase in 2010 or in 2011.

This certainly won’t help whatever recovery we manage to start eking out next year.

Fact:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn’t fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation so we can keep on doing the type of journalism that 2018 demands.

Donate Now