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 ...
Let's see. The real cost of living has gone down. The SS payment will NOT go down. So, in effect, the recipients will actually have more spending power, which is the same as a "cost of living" adjustment.
The teachers in my school district, since 2006, are limited to a 5.25% annual increase, roughly twice the CPI inflation rate in all but one year.
“But its all for the children.” Just ask them.
Then let it be dictated that all Washington DC politicians pay 75% of their TOTAL income into the SS fund since they are the ones who have been robbing it blind all these years.
Thanks! As always you are treasure trove of useful information.
Been to a grocery store lately?
Check out the history of COLA increases during the Carter years, especially the one in 1980 of 14.3%. If we experience such increases again, the impact would be disastrous for the federal budget given the rapid increase in the number of new retirees due to the baby boomer cohort. Entitlement programs already make up almost half the budget now.
If you want some scary reading, take a gander at the A SUMMARY OF THE 2009 ANNUAL REPORTS by the Social Security and Medicare Boards of Trustees
Frequently. But there is this thing called "forest", and things called "trees". Some trees stick up higher than the forest. Similarly, current statistics show that, overall, the cost of living has gone down over the last year, despite certain commodity areas having increased.
That looks like a paint can opener.
***If your a senor and live on your Social Security check, I just said a prayer for you.***
How about us who have two people living on ONE social Security check because the wife did not have to work while I was employed. But, for years I made preparations for this while I still hd a job!
As Americans across the country grapple with one of the worst financial crises since the Great Depression, members of Congress quietly are getting a pay raise. Each lawmaker's annual salary is due for a $4,700 cost-of-living increase starting in January, which will amount to a cost to taxpayers of $2.5 million in 2009, infuriating watchdog groups. "Members of Congress don't deserve one additional dime of taxpayer money in 2009," said Tom Schatz, president of the Council for Citizens Against Government Waste. "While thousands of Americans are facing layoffs and
Do teachers ever strike for anything but more money?
Some people see a paint can opener and some see a beer bottle opener.
When we first became victims of SS & Medicare being taken out of our pay checks it seemed like a good idea. A savings plan. Wonderful! You can’t blame people who are on Medicare and SS, who deserve to get their savings back.
But they freely give it to people who don’t work or come here
from another country. They used up my savings while charging me more taxes.
Similarly, current statistics show that, overall, the cost of living has gone down over the last year, despite certain commodity areas having increased.
Mark Twain wrote of a man who drowned crossing a stream that statistically was only an inch deep. The things that we need are rising, despite the deflation. The fripperies are the ones that are dropping.
No surprise here, folks. I’ve said for a long time that this was one way the government was going to help reduce the financial impact of retirees on the Social Security system.
Even without the excesses of the rats on spending, regulations, and industry control, entitlement programs threaten to undermine the economy. We have seen the problem for many years. However, rat demagoguery, senior voting blocks, and political desire to spend excess payroll taxes have made changes impossible. Bush had a good idea to introduce some level of savings in personal accounts. Reagan should have proposed this idea in 80s. I see no solution except economic collapse to force changes. However, the baby boom generation will be robbed of the large amount of contributions because excess payroll taxes have already been spent.
Obama Hates Old People.
My best Kanye West voice.
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