President wants $250 more for seniors

President Barack Obama wants to give seniors $250 more to help ease the burdens caused by the economic crunch. The Congress has already approved $250 emergency payments handed out to seniors as part of the stimulus bill.

“Even as we seek to bring about recovery, we must act on behalf of those hardest hit by this recession,” a statement made by President said. “That is why I am announcing my support for an additional $250 in emergency recovery assistance to seniors, veterans, and people with disabilities to help them make it through these difficult times.”

The additional $250 is expected to balance Social Security’s move not to factor in cost-of-living for the coming year.

Many seniors have been hit hard by the economic crunch due to home foreclosures and the sudden drop in their retirement fund values especially those that are invested in the heavily-hit markets and not diversified enough. Seniors try to squeeze out as much mileage with their social security checks especially with the high cost of health care.

Source: CNN

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