Millions face shrinking Social Security payments

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	Millions face shrinking Social Security payments

Normn8or

8-23-2009 6:30 PM

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news & politics, social security

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/3057cbd8-f816-473f-b521-ebf275a0516e/033D21A5-9594-4EAB-B3D5-D2117DA258E4/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks" href="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks" style="font-size: 11px;">news.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks"><H1 id="yn-story-title">Millions face shrinking Social Security payments</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/news.yahoo.com/img/6806686A-4E9A-4CD9-8C1C-08974B12CD3E" alt="President Barack Obama talks about the the Afghan elections, Friday, Aug. 21," /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks"><P>WASHINGTON – Millions of older people face shrinking <SPAN id="lw_1251065046_0" class="yshortcuts">Social Security checks</SPAN> next year, the first time in a generation that payments would not rise. The trustees who oversee <SPAN id="lw_1251065046_1" class="yshortcuts">Social Security</SPAN> are projecting there won't be a <SPAN id="lw_1251065046_2" class="yshortcuts">cost of living adjustment</SPAN> (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks"><P>By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the <SPAN id="lw_1251065046_3" class="yshortcuts">Medicare prescription drug program</SPAN> because the premiums, which often are deducted from <SPAN id="lw_1251065046_4" class="yshortcuts">Social Security payments</SPAN>, are scheduled to go up slightly.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks"><P>"I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve <SPAN id="lw_1251065046_5" class="yshortcuts">Social Security and Medicare</SPAN>. "To some people, it might not be a big deal. But to seniors, especially with their <SPAN id="lw_1251065046_6" class="yshortcuts">health care costs</SPAN>, it is a big deal."</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/033D21A5-9594-4EAB-B3D5-D2117DA258E4/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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