From WFTV-ABC in Orlando:
WASHINGTON — There won't be an increase in Social Security benefits this year. That is a blow for 70 million seniors, many of whom rely on Social Security checks to survive.
Federal officials announced Thursday that there will be no increase in the monthly payments.
It's a move that also affects disabled veterans. Experts say the price of gas is one of the driving forces behind the announcement. Social Security benefits are tied to the government's measure of inflation at the consumer level, and because of falling gas prices, inflation is thought to be lower.
"We have used the wrong calculations in order to calculate what the cost of living adjustment should be for seniors and for the handicapped under the Social Security Act," U.S. Rep. Alan Grayson (D-Fla.) said.
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