The government has announced that Social Security recipients will not receive a cost-of-living adjustment, or COLA, in 2010. This is because the COLA is tied to price inflation, which according to the government has been negative so far in 2009.

empty pocketThe national unemployment rate hit 9.8 percent in September, the highest it has been since June 1983. A total of 15.1 million Americans are now out of work, and 7.2 million jobs have been eliminated during the recession, the Labor Department said.

economyAmerica’s gross domestic product declined in the second quarter of this year, and in September the economy continued to lose jobs. Yet because the decline in the GDP was not as bad as predicted, and the number of jobs lost in September was less than those lost in August, both economic trends were generally reported in a positive light.

money pileThe Federal Deposit Insurance Corporation proposed on September 29 that banks prepay $45 billion in insurance premiums to help the FDIC avoid running out of money to cover bank failures.

senior citizen workerAccording to a survey conducted in the past two months by an organization known as Experience Works, the current recession is hitting seniors hard, causing them to delay retirement or to come out of retirement.