Next year could be the first year since 19-73 that Social Security recipients do not get a cost of living increase.
Senator McCaskill says another five-and-a-half increase such as the one approved last year does not make sense in the current economy. She thinks Social Security recipients should get a little more money, but not a cost of living increase.
She says it would be “inappropriate” and fiscally imprudent to give that kind of an increase. McCaskill says the increases are intended to offset inflation. But the Congressional Budget office sees no inflation.
She favors giving Social Security recipients a single 250-dollar payment next year. Paying for even that, however, is an issue.
We are searching for the pay-for…It’s between ten and fifteen billion,” she says.
She says Congress will look at stimulus money that has not been spent as the first source of funding. She says there might be other “pay-fors” down the line.
She’s not yet committing to vote for the 250-dollars. She says she’ll wait to see how the money is found.