Social Security Economic Recovery Payment
Statement by Press Secretary Robert GibbsMany seniors are struggling in the face of the economic downturn, having seen their savings fall. Today's news that the Social Security Administration will for a second year not provide a cost of living adjustment for social security benefits highlights these struggles. The President will renew his call for a $250 Economic Recovery Payment to our seniors this year, as well as to veterans and people with disabilities.
Last year, under the Recovery Act, 56 million people benefited from the first Economic Recovery Payment-including about 50 million Social Security beneficiaries. We're grateful that Speaker Pelosi has indicated she will bring the new Economic Recovery Payment to a vote and we urge members of Congress on both sides of the aisle to support our seniors, veterans and others with disabilities who depend on these benefits.