This is something to watch. Question...Has anyone come across any propossed policy changes that would restrict COLA on SS if we hyperinflate?
I hope someone more expert than I comes in later and weighs in on this, actually.
Because if I am understanding him correctly, it sure sounds to me like the purpose of devaluing the currency later on, is to reduce the gov’t debt by 2/3. In other words, if you currently receive $ 1,000 from SSA, you’ll be expected to live on $ 333 of the “new currency.” The COLA is prolly the least of anyone’s worries!
I’m watching this also. My parents are both retired: One on SS and the other on a gov’temployee pension. This would also, btw, affect any other gov’t checks: unemployment comp, welfare, foodstamps, etc. (Again, if I’m understanding this correctly. I’m hoping someone rolls by and tells me I’ve got this all wrong.) Otherwise, it’s gonna get ugly......and fast.
I’d ignore a guy like Chapman, except he’s got some history behind him. He’s semi retired, after having spent 50 years in the international financial markets.