Posted on 12/16/2022 7:45:55 AM PST by ChicagoConservative27
(NEXSTAR) – Millions of America’s older adults will see a bump in the amount they receive in monthly Social Security benefits, starting in January.
The increase in payments is the largest in decades at 8.7%, and is designed to help offset the soaring inflation that would otherwise limit recipients’ purchasing power.
The bump in benefits is aptly titled a cost-of-living adjustment, or COLA. On average, Social Security benefits will increase in January by more than $140 per month, according to the Social Security Administration (SSA).
(Excerpt) Read more at thehill.com ...
Social Security benefits will increase in January by more than $140 per month, according to the Social Security Administration (SSA).
What Social Security gives, Medicare takes away..................
The 2022 Medicare premium was $170.10. The 2023 Medicare Premium is $164.90.
There’s an analysis/economist named Luke Gromen - he has calculated that a Fed.gov deficit of at least $2.5 TRILLION is unavoidable next year.
A large part of short-term government debt will need to be re-priced at higher interest rates
Automatic escalators in benefits like Soc. Sec. will add $ hundreds of billions more
Also, with a bad stock market and looming recession, Gov’t tax revenues will fall like a rock.
Finally, China and Saudi are dumping US debt.
As such, the Federal Reserve will be forced to pivot, and pivot hard, in early 2023.
I think the premium is actually going down just a little. They’ll hit us somewhere else.
Yes
According to 6 sources
Medicare Part B Premiums Will Decrease in 2023 The standard Medicare Part B premium will be $164.90 a month in 2023, down from $170.10 in 2022. That’s $5.20 less per month, or a 3% decrease.
The increase just makes it a slower ride to the poorhouse.
Make sure your liberal friends know this has Nothing to do with Biden!!
A law was passed I think under Nixon saying this had to happen.
Can I assume that if/when inflation again cools, they’ll want to take it back?
And current working age folks are going to have to FICA tax increases of what amount to pay for this? Congress can sit on its hand and ignore that question, but doing so will only make the problem worse.
Spread this far and wide!!! Thank you Nixon!
During a campaign stop Tuesday in Florida to denounce Republicans’ economic intentions, President Joe Biden discussed Social Security and inflation in a gaffe-filled speech.
“And on my watch, for the first time in 10 years, seniors are getting an increase in their Social Security checks,” Biden said. “So, checks are going to be up and Medicare payments are going to be down.”
Actually, it does. Were it not for Bidenflation, there wouldn't be this big COLA. 😜
Not true. The percentage may give you that but it may be less
“Can I assume that if/when inflation again cools, they’ll want to take it back?”
You can assume anything. Facts may differ.
But food inflation was 12% last month
friend said they got a notice from snap....and they’re cutting their benefit by half of the increase.
Even if inflation dropped to zero, prices would not go back down, they just would stop going up.
At best, we can probably look forward to at least another year of stagflation (stagnant economy with high inflation). At worst, we are looking at another Great Recession. Either way, the economy will start to improve (on paper) just in time for the 2024 election.
Soon enough, wages will have to increase, except for people competing with the Brown Supremacists invading our Southern border.
No. Government never takes back an increase in a benefit. That would piss off too many Democrats.
I've suspected that, but I really need a good definitional education on "inflation." What is used as the base?
And if deflation is bad, as I've heard, than undoing rampant inflation seems to be impossible. Gas prices being an exception, somehow.
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