Stimulus package gives little to seniors -- Newsday.com

Saul Friedman | Gray Matters

March 14, 2009

Bob Fredericks, a retired educator, has a point when he says that, with all the gazillions in government loans, tax breaks and grants to revive the economy, there will be little real help in the stimulus package for older or retired middle-class Americans. It comes to $500 in cash and $800 in tax credits for couples.

"It's better than nothing," said Fredericks, 65, who lives in Shelter Island Heights, "but it's far less than other segments of society." He doesn't begrudge help for unemployed workers, the $87 billion for Medicaid for the poor and disabled, funds for food stamps and home heating bills, tax credits for college loans, for first-time home buyers and even automobile purchasers.

But for people earning less than $75,000, or $150,000 per couple, the compromise legislation passed by Congress provides $250 in cash for Social Security recipients, which was cut from $300, and $400 in a tax credit, cut from $500. That's the middle-class tax cut that Barack Obama promised. But it's not much help for older people who are not poor, but struggling against the squeeze that has hit retirees especially hard.....

Stimulus package gives little to seniors -- Newsday.com