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In case you haven’t heard, there will be no cost of living increase for Social Security recipients next year. This has spurred outrage and consternation on Capitol Hill. After all, seniors vote in large numbers and are a politically-powerful voting bloc, so efforts to placate senior citizens are usually received favorably in Congress.
It appears that policymakers in both parties, including President Obama, have settled on the idea of providing $250 payments to the more than 50 million seniors on Social Security. While $250 for each senior citizen in America may not seem like much, the cost to taxpayers is $13 billion in debt that will be placed on the backs of America’s children and grandchildren. For the current year alone, the federal budget deficit has surged to an all-time high of $1.42 trillion. This is on top of all the other deficits including those we already face for Social Security.
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