Maybe food will come in easy to open cans now, mandated by Obama.
Posted on 09/27/2009 7:07:16 AM PDT by george76
Come January, seniors may do a double take after seeing their Social Security checks.
The 2% to 3% increase in benefits they usually get each year won't be there. The reason: For the first time in three decades, there likely won't be a cost-of-living adjustment.
Though benefit amounts for 2010 won't shrink, with investment losses and lower home values, the lack of an increase will feel like a loss to many seniors.
checks could be lower when factoring in premiums for Medicare Part B, which are deducted from monthly benefits.
For most of the 42 million Part B beneficiaries, the amount of the cost-of-living adjustment each year has been more than enough to offset the rise in Part B premiums...
But next year and in 2011, about 8% of Part B beneficiaries -- higher-income Medicare recipients and new enrollees -- will be subject to higher premiums...
(Excerpt) Read more at online.wsj.com ...
Good for all those Blue hairs who voted for Obama....You get what you paid for, buddy...Welcome to the party,pal. No more playing the powerball for you. And I hear that in order to help you eat, ALPO will be slashing prices.
How are the RATS gonna blame this on the Republicans???
Welcome to the Obama Economy!
Yo Seniors, this “Change you can believe in” you voted for in 2008?
They’re not calling it a “cut” this time? How come?
Maybe food will come in easy to open cans now, mandated by Obama.
My representative and five of his Republican buddies went on a two week around the world vacation with their families, paid for by us.
We're going to need a real revolution to correct these problems.
About the vacation, see here.
BTW, I sent him an email saying that he'd gotten his last vote from me.
The House yesterday passed legislation cancelling the increase in Part B Premiums in 2010. It now goes to the Senate where it is sure to pass and will be signed into law this Fall.
If your a senor and live on your Social Security check, I just said a prayer for you.
All federal employees, including Congress, hired after 1983 must join SS. The vast majority of Congressmen pay into SS. They also pay into their own retirement plan.
You want to see canes, walkers and scooters turned into 'assault weapons'? Then let the gazillion of seniors get screwed. No inflation my patoot. EVERYTHING is up - except the IQ of Congress.
(This was 'leaked' a couple months back. It ain't gonna happen. There will be a small increase, at least to offset the loss due to higher Medicare Premiums)
The Social Security Act specifies a formula for determining each COLA. In general, a COLA is equal to the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of one year to the third quarter of the next. If there is no increase, there is no COLA.
I do think it is great that most people will still blame it on Obama.
What "fix" is proposed?
Social Security (also known as Madoff-care) is approaching a tipping point where current payouts will exceed current contributions.
No "fix" is going to make current SS beneficiaries happy.
It will happen and Congress will just freeze Medicare Part B premiums at the current rates. FYI: 75% of all Part B costs are paid by the General Fund. The premiums collected only pay for 25% of the benefits. By 2014, 45% of all Medicare payments (Parts A, B, and D) will come from the General Fund, which is why Congress will have to address health care one way or another. The status quo is not an option.
And who determines this number? How is it decided?
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