As the government bails out the losers, giving billions and more billions of taxpayer money to avoid corporate bankruptcies and in some cases even companies who are filing bankruptcy such as Chrysler with the government providing $3.5 billion for bankruptcy financing and an additional $4.7 billion in exit financing to them, the senior citizen takes it in the shin.As all American citizens are struggling during this horrific, financial, economic boondoggle and worrying about whether they will even have a job tomorrow or make it to the next day, now the government has said NO to some of the poorest of our nation, senior citizens, ending COLA in social security for the next two years at least. A freeze would put a cap on Medicare premiums but there is still about 1/4 of the recipients who are not protected and will see substantial increases in Medicare Part D.
We can expect Medicare and drug prescription prices to rise, (estimated at $119 next year and $123 in 2011 for Medicare) thus taking a bigger chunk out of granny’s social security check for those who are unprotected, as prices for everything she purchases rise accordingly.
None of us mind biting the bullet but what about all those corporate executives who got million dollar bonuses AFTER we bailed them out? What about the Stimulus money used for an art walk in New York or sidewalks and trash cans outside a Michigan casino? What about the overall increase in everything and the government saying we are experiencing low inflation? We now have a spend, tax and borrow government. Who do you believe? Congress or your wallet? Congress or the prices you are paying for just about everything?
In spite of social security, about 3.4 million elderly live in poverty; 54.5 million people in general live with a disability and 1 out of 3 of those are senior citizens, 65 or older. It is now guaranteed that they, along with all people on fixed incomes, will feel it even more as they struggle to pay higher taxes and higher prices for services. Here on a local level we will be remembering all of that when we pay for Fire Rescue in Lake Worth as the cost is now transferred to our ad valorem tax bill, higher prices just to go to the beach and just to put bacon on the table. We will be remembering that 10% raise given to the CRA Director.
The Seniors will be remembering those AIG executives and bankers who got millions in bonuses when the cold hard facts hit them squarely in the face--the decision to spend that dollar on either higher priced groceries or higher priced blood pressure medicine.
