That’s the president’s newest idea. He wants to send every senior in America a $250 check because there is, after all, no reason to bailout the automobile industry, the financial industry, the homeowners, and the insurance companies and not to bailout old people.

Supposedly these “economic recovery payments” are justified because seniors won’t get an inflation-adjusted increase in Social Security benefits this year. This zero cost-of-living, or COLA, increase has many seniors alarmed, and AARP and other lobbies have been fanning their anxiety. Mr. Obama’s Wednesday news was timed to pre-empt yesterday’s announcement of the zero COLA by the Social Security Administration. The $250 checks will funnel $13 billion to some 57 million beneficiaries—in addition to whatever they have already received as part of the $787 billion stimulus.
No one denies that seniors have been hit like everyone else by the recession. But on the other hand, seniors have actually seen an increase in the purchasing power of their Social Security payments since last year. COLAs are tied to the consumer price index—the official measure of the cost of living—and last October seniors received a 5.8% increase, which was the largest boost since 1982.

Oh, and by the way, while he was at it, the president also said that he didn’t know how we would pay for this program yet but that the money would likely be borrowed. Why not? After all, we are already borrowing 43 cents out of every dollar the federal government is spending.

The Wall Street Journal has more on this story here. And here is the good Doctor Coburn on how much Congress is spending and what it will cost American families.