As if one needed to be more cynical about politics, The Daily Caller just reported that “President Barack Obama is urging Congress to act quickly on a measure that would provide a $250 payment to seniors.”
The effort comes in response to news that the Social Security Administration, for a second straight year, will not add a cost-of-living adjustment (COLA) to the checks it sends out. Last year, Congress authorized a one-time $250 payment for Social Security recipients.
So despite a federal deficit as far as the eye can see, we’re now going to give Seniors $250 checks? The very reason why there was no cost-of-living adjustments is because there was no increase in the cost-of-living. Moreover, Seniors fall within a demographic bracket that is much wealthier than younger individuals. Consequently, this is nothing other than a wealth transfer payment from poor young people to older wealthier people. How can that be justified?
Lastly, with an election coming up this November, how else can this proposal be described other than, “Support me and I’ll give you $250.” Can our economic policy get much worse?