Action likely to be taken soon on the 1998 cost-of-living allowance

     Americans of all ages are waiting anxiously for action on the 1998 federal budget that could affect their economic future.
      Most citizens have a stake in the final decision on the 1998 cost-of-living adjustment for Social Security recipients. Sen. Daniel Patrick Moynihan, D-N.Y., vice chairman of the Senate Finance Committee, is calling for a reduction of 1.1 percent in the allowance next year.
      "This will have little affect upon almost everyone," Moynihan said, "but it will have a vast impact upon the federal budget as a whole."
      The annual cost-of-living allowance is determined by the Bureau of Labor Statistics. Moynihan and other critics say that it has been assessed at 1.1 percent more than the actual cost of living.
      The cost-of-living allowance has not only raised the retirement benefits of Social Security beneficiaries, but it also affects other governmental and private pensions as well as salaries paid to federal, state and local government employees. It also impacts wages and salaries throughout the private sector.
      There has even been speculation that the entire cost-of-living allowance may be canceled for Social Security benefits, some claiming that this would help bring into better perspective the amount of benefits paid to Social Security recipients.
      Everyone agrees that a new formula should kick into place next year. But what kind of adjustments will be made? What influence will the Social Security Advisory Commission have?
      Probably not much in that the 13 members of the commission offered three different plans, such as investing part of excess Social Security funds in stocks and bonds.
      The problem is that the excess funds have been borrowed each year and converted into IOUs, said to total more than $500 billion.
      Congress will offer its plan soon. Sens. Bob Kerrey, D-Neb., and Alan Simpson, R-Wyo., have been working on their proposal for almost a year. It will be interesting to see what they have in mind.
      -- The Southern Nevada Chapter of the Retired Public Employees of Nevada will meet at 2 p.m. Monday at the American Legion Hall, 733 Memorial Drive.
      -- Mayor Jan Jones, Justice of the Peace Bill Jansen and Municipal Judge Nancy Saitta will be the speakers when Seniors United meets at 1 p.m. Wednesday at the Spring Valley Library, 4280 S. Jones Blvd. Refreshments will be served.
      -- Carrol O'Hare, executive director of Gamblers Anonymous, will be the speaker at the monthly meeting of the Nevada Seniors Coalition at 10 a.m. Thursday at the Showboat, 2800 S. Fremont St. O'Hare will discuss the hazards of gambling.
      -- "Skin Cancer and You" will be the topic at 1:30 p.m. Tuesday at Columbia Sunrise Mountainview Hospital, 311 N. Tenaya Way. Phone 255-5404 for reservations.
      -- "Prostate Cancer, the Silent Killer" will be the subject at 1:30 p.m. Wednesday at the Senior Friends office, 8524 Del Webb Blvd. Phone 255-5404 for reservations.