The federal government announced today that Social Security recipients will not receive a cost-of-living increase in their checks this January, marking the first time that automatic cost-of-living adjustments to Social Security recipients will not be paid out since the rule was adopted in 1975.
Last January, the automatic cost-of-living increase was 5.8 percent, the highest increase in about 25 years.
In reaction to the news, President Obama suggested that the federal government issue one-time checks of $250 to the nearly 60 million citizens who not only receive Social Security but also to those who receive veteran's and disability benefits, railroad retirees, and retired public employees who don't receive Social Security.
The annual cost-of-living adjustment is determined by the inrease or decrease in prices of a number of products during the three-month period of July through September. The price of gasoline, one of the items in the index, dropped so much since last year that it has been predicted for months that Social Security would not issue a cost-of-living increase in January and possibly for the next few years.
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