Friday, October 16, 2009

Republican proposes alternative $250 COLA payment

A friend informs me that Rep. Ginny Brown-Waite (R-FL) has proposed legislation to make a $250 lump sum payment to all Social Security beneficiaries and veterans, with the payments funded out of unused funds from this year's stimulus legislation. The bill is cosponsored by Reps. Patrick Tiberi (R-OH) and Dave Reichert (R-WA).

My usual objections apply: seniors haven't been disadvantaged by not receiving a COLA; seniors haven't been the hardest hit by the recession; and lump sum payments to retirees probably aren't the best way to stimulate the economy. That said, assuming the legislation is funded out of existing stimulus funds, the lump sum payments are probably better than more cash for clunkers, bike paths and museums of organized crime. For what that's worth.

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