Low gas prices to blame for lack of Social Security increase

New Jersey has seen a significant decrease in the price of gasoline this year. For most people, this is a good thing. However some New

Low gas prices are to blame for the lack of a Social Security benefits increase.

Low gas prices are to blame for the lack of a Social Security benefits increase. (10/12/15)

METUCHEN - New Jersey has seen a significant decrease in the price of gasoline this year. For most people, this is a good thing. However some New Jersey residents who rely on Social Security may not be as thrilled with the new prices.

"The fact that the cost of gasoline has come down doesn’t mean that the cost of living has come down," says Metuchen resident John Bacardi.

More than 70 million Americans that receive Social Security benefits will not see an increase in the amount they received this year. The United States Social Security Administration says the decrease in gas prices across the country is to blame.

By United States law, the annual "cost of living adjustment" increase is based on inflation. The low gas prices have brought that inflation down, hence no Social Security increase.

However, that isn't sitting well with New Jersey residents.

"I think that what often gets lost in the cost of living figurations is the cost of food," says Ann Watts, of Metuchen. "That hasn't changed and it hasn't come down."

This is the third time in 40 years the Social Security increase has not been approved. It happened twice before in 2010 and 2011.

advertisement | advertise on News 12

Trending Video

VIDEO: News conference on arrest in murder of 1 VIDEO: News conference on arrest in murder of Sarah Butler
News 12 New Jersey - Weather On The 2 New Jersey Weather Forecast
More than 1,000 runners dressed as Santa Claus 3 Santas run through Asbury Park for charity
Andrew Ehinger shows off some gadgets that are 4 The Download - Hot for the Holidays: Part 2
News 12's Andrew Ehinger take a look at 5 The Download: Tech News: Beats, Jawbone Jambox

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE