Lower Cost Of Living Means Less Income For Some

The good news: the cost of living is decreasing, or at least isn’t increasing. The bad news: Colorado is the first state to actually decrease its minimum wage, from $7.28 to $7.24, and Social Security recipients will not be receiving their routine cost-of-living adjustment, or COLA for 2010.

While President Obama has proposed a one-time $250 stimulus payment for Social Security recipients, which amounts to about a 2% increase (last January’s COLA was 5.8%) he has not yet announced where the necessary $13 billion would come from.

Is your cost of living, overall, the same or lower than it was at this time last year?

Colorado minimum wage to drop as living costs fall [AP]
Social Security freeze means seniors must scrimp [AP]

(Photo: frankieleon)