Media

Reflecting record high prices facing American consumers, a 5.8 percent cost-of-living adjustment (COLA) for Social Security beneficiaries was announced today. The AP reports:

Social Security checks grow a bit as stocks shrink, 10/16/08

The 5.8 percent increase announced Thursday by the Social Security Administration will go to the 50 million Americans receiving benefits. It is the biggest jump since the 7.4 percent of 1982. The $63 typical monthly increase compares to the $24 advance that retirees saw in this year's benefit checks, an increase of just 2.3 percent and the smallest in four years.

The typical retiree's monthly check will go from $1,090 to $1,153.

Speaker Pelosi on the announcement:

Oversight Committee Chairman Waxman wrote to Secretary of Defense Robert Gates today regarding internal Defense Department documents that assert that the International Oil Trading Company (IOTC) charged prices that were not "fair and reasonable" to deliver fuel through Jordan to Iraq.

Chairman Waxman writes:

"On Monday, America's foremost economists told House Democratic leaders that our economy and America's families would benefit if Congress acted quickly on a new economic recovery package. The economists' message echoed that of the economist who won the Nobel Prize this week -- Paul Krugman -- who is calling for a large fiscal stimulus program 'to get us out of this recession.'"

Today, the House Oversight Committee released a draft report finding "that the White House used the political affairs office to orchestrate an aggressive strategy to use taxpayer-funded trips to help elect Republican candidates for public office." Over the course of the Committee's investigation, they found that "from January 1, 2006, until the mid-term elections on November 7, 2006, cabinet secretaries and other senior officials traveled to over 300 events recommended by the political affairs office.

Today, USA Today published an editorial by Speaker Pelosi about the need for an economic recovery package:

We need to do more

Large economic stimulus package will benefit American families

By Nancy Pelosi

On Monday, America's foremost economists told House Democratic leaders that our economy and America's families would benefit if Congress acted quickly on a new economic recovery package. The economists' message echoed that of the economist who won the Nobel Prize this week -- Paul Krugman -- who is calling for a large fiscal stimulus program "to get us out of this recession."

"A post-election session of Congress seems all but certain next month with House Democrats beginning to focus on more permanent tax breaks for middle- and working-class families, along with shorter-term spending proposals to stimulate the economy."