Wealth redistributor-in-chief: Hey, let’s spread around another $13 billion!
You. Have. Got. To. Be. Kidding. Me:
President Obama on Wednesday attempted to preempt the announcement that Social Security recipients will not get an increase in their benefit checks for the first time in three decades, encouraging Congress to provide a one-time payment of $250 to help seniors and disabled Americans weather the recession.
“One-time payment” my foot.
Reminder: There is no such thing as a temporary government entitlement.
Obama endorsed the idea, which is expected to cost at least $13 billion, as the administration gropes for ways to sustain an apparent economic rebound without the kind of massive spending package that critics could label a second stimulus act.”
“$13 billion” my foot.
Reminder: There is no such thing as a temporary entitlement that ever costs less than the government estimates.
An increase in benefit checks each January has been a yearly ritual since the mid-1970s, when the government moved to ensure that its subsidies to retirees, pension recipients and others who receive Social Security benefits kept pace with inflation. Thursday’s announcement by the Labor Department will mark the first time that the federal formula used since then, which is tied to the consumer price index, will translate into no increase at all. That is because consumer prices have remained stagnant in the weak economy — a sharp reversal from this past year, when Social Security checks grew by 5.8 percent, an unusually large amount.
Why bother with the charade of inflation-indexed COLAs if the government is going to redistribute wealth away from younger generations to the elderly whether there’s inflation or not?!
…Congress has already enacted a stimulus package that included a similar $250 payment to retirees and others who depend on Social Security, veterans’ benefits and federal pensions.
Repeat: Congress has already doled out payments to retirees and others.
This new round is a bailout for seniors who have lost money in the stock and housing markets. Obama said so:
The new payments would cost an estimated $14 billion, according to legislative sources, although the White House said the price tag would be $1 billion less than that.
In urging lawmakers to provide a second round of payments to older Americans, the president said the extra help would “not only make a difference for them, but for our economy as a whole,” adding that it would “be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis.”
This isn’t about compassion. It’s a naked $13-14 billion bribe for the seniors lobby during the contentious Obamacare debate at the expense of everyone else.
Shame.
***
The American Spectator’s Philip Klein reports:
“We generally think proposals should be paid for, but in this case, we’re providing temporary essential help to people as an extension to the Recovery Act,” the official said. “We plan to work with Congress to discuss financing, but the President is not going to go into those discussions insisting that this be paid for.”
The announcement comes a day before the Social Security Administration is set to announce its cost of living adjustment to beneficiaries. Last year, beneficiaries received a 5.8 percent boost because soaring energy costs pushed up consumer prices, but given the sagging prices in the currently weak economy, beneficiaries aren’t going to receive any raise this year. The proposed $250 payments would represent a 2 percent increase to the typical beneficiary.
The official was quick to push back against the suggestion that this proposal — likely to be financed through deficit spending — represented a second stimulus package. Instead, the official argued that it was merely extending a provision of the $787 billion stimulus bill that is scheduled to expire at the end of the year.
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don’t know if this has been mentioned yet, but those seniors could send the $250 to the Joe Wilson for president campaign fund, or the nearest conservative in their own district running for office…
I’m ready to start a letter writing/e-mail/or fax campaign to implore the Chinese not to buy any more worthless paper of ours until this regime understands 2nd grade math! Madness.
The O’s grandparents were, perhaps, so enthralled with him that he thinks anyone will believe anything he says. He’s a user and abuser.
I’m sure the Chinese will be persuaded by your requests, 24Klady.
This is simply an attempt to buy votes for $250 each.
I am a senior, and if the gov’t gives me money I will accept it because it is my own money.
I have known for several weeks, if not months, that there would not be a COLA increase in my SSA benefits. This news was only mildly disappointing. It ain’t no big thing despite cries of anguish from the usual suspects.
It will take 1,000,000’s of multiples of the $250 trinket dangled by ‘The One’ if he Hopes to Change my vote(s)
When are the citizens of this country going to wake up!?? If this stuff keeps up for long we won’t have a country anymore.
Off topic, but important:
My home state passes yet another gun/ammo bill intended to protect criminals, and criminalize citizens who desire protect themselves and their family. This is utter madness!
With Obama’s help, your state will be next.
Looks like an obvious attempt to buy the old fogies support for the their own euthanasia. Let me think about that for a moment, since it effects me being a senior citizen and on S.S…ahhh ok, I thought about it, nope, still against Odopo’s euthanasia plan for the elderly…and the governments health care plan of any type with anyone’s name on it.
I can look at it like well I paid in taxes all those years I’m entitled, I think what I will do with it is continue donating to my favorite charities, there is so many worthy of our support. I do support the troops as much as I can financially, especially the injured soldiers wounded fighting for our freedom…like Wounded Warriors and Disabled Veterans. The $250 will help in giving a little more than usual.
Will Obama spread the wealth from the winnings of his Ignoble Peace Prize? Most likely he will pocket the money while his brother lives in a cardboard shack in Africa. “Do as I say, not as I do.”