Social Security Payments Will Not Increase for 2 Years
August 24, 2009
The Social Security benefit, the biggest federally-assisted program, is facing a looming financial crisis with its funds continuously shrinking. According to trustees who oversee the agency, the payments will not increase for the next two years despite the rising cost of healthcare.
This is the first time the Social Security payments will not increase since 1975 when the government automatically increased the amount of benefits to adjust to the inflation and the cost of living.
While the inflation rate this year remains standstill due to the lower prices of crude oil in the global market, the cost of healthcare needs is rising, which can affect millions of seniors in the country.
According to government statistics, approximately 50 million senior citizens and disabled Americans rely on Social Security benefits.
US President Barack Obama said he would tackle the issues of Social Security funds next year.
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