The White House just announced a new $13 billion proposal to give
57 million Americans already receiving Social Security or some
other government benefits a $250 "Economic Revovery Payment."
The statement reads:
"Even as we seek to bring about recovery, we must act on behalf
of those hardest hit by this recession. 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. These payments will provide aid to more than 50 million
people in the coming year, relief that will not only make a
difference for them, but for our economy as a whole,
complementing the tax cuts we've provided working families and
small businesses through the Recovery Act," said President
Obama. "This additional assistance will be especially important
in the coming months, as countless seniors and others have seen
their retirement accounts and home values decline as a result
of this economic crisis. I want to compliment all the members
of Congress who have been working to address these challenges,
especially Senators Reid, Baucus, Sanders, and Lincoln, Speaker
Pelosi, and Representatives Rangel, McCarthy, and DeFazio."
This is pretty clearly a way for Obama to push another
mini-economic aid package to avoid the political blowback from
pushing a full-fledged second stimulus bill.
According to the fact sheet, "The President is committed to
ensuring that the $13 billion cost of the proposal does not
reduce the solvency of Social Security or other social insurance
programs." But in no way does it explain how that would be
ensured.
