Posted on 10/15/2022 7:34:05 AM PDT by Oldeconomybuyer
WASHINGTON (AP) — The news that 70 million people will see an 8.7% boost in their Social Security checks next year came just weeks before Election Day, but it is unlikely to give Democrats the edge they are desperately seeking at the polls.
In fact, the promise of bigger payments could call even more attention to the surging prices that have been inflicting pain on households — and the reason behind Thursday’s announcement of the the program’s largest cost-of-living increase in four decades.
“It’s going to bring more money to people’s pockets, but it primes people to think about high inflation,” said Marty Cohen, a James Madison University political science professor.
“This is being done because inflation is bad, and that’s the reason for the large adjustment. It’s not an issue that Democrats want on the front burner for voters.”
(Excerpt) Read more at apnews.com ...
I missed my 8.7% raise from my work...
They must be waiting to surprise me for Christmas.
And just how is this paid for? This Nation is broke...
In reality...it should be 10-12. The 5.9 of last year was way short of reality.
That’s the cure for the inflation they are causing. You don’t get credit for that.
That’s like breaking into my house, then giving me a gift of free burglar bars.
No, like me, I’m POed that this won’t even begin to match the real rate of inflation. Yes, I have other sources of income but the markets doing their Jihad Jumpback isn’t helping!
Democrats caused the economic conditions that resulted in the rapid increase in the cost of living resulting in the COLA increase.
Honest people see this fit what it is.
Not a chance. We don’t see this til JANUARY. How’s it gonna help now?
Talk about pure desperation.
The news that 70 million people will see an 8.7% boost in their Social Security.
OH BOY that’s 0.5 % over inflation so much for that carrot on a stick deal.
COLA adjustments in SS have been the law of the land for over 20 years. Biden had nothing to do with that other than creating the inflation which made them necessary.
Weighed against a 30-40% reduction in 401k value, this is the proverbial one steps forward three steps back.
70 million people?
Wage slaves, their employers and that file cabinet drawer in Parkersburg, WV will help kick that can down the road a bit more.
With the money that the Social Security recipients already paid into the system. It's not their fault that "This Nation" stole their money and bought votes with it.
> They must be waiting to surprise me for Christmas.
Which Christmas? ;-)
And it shouldn’t. Actual inflation is closer to 16% and the Swamp is as always shuffling around the “shopping cart” of frequently purchased goods the people buy day to day on which they base the inflation rate used Calculate the raise.
Let’s also remember that the cost of living raise is long established law and as always politics is a “What have you done for me lately” contest when it comes to elections.
2028...maybe.
Maybe I should do 8.7% less work in my 40 hours...
Whether the increase is 0.00 or 15.00 percent won’t affect my vote next month. The rats have as much to do with the increase as the pubs, ZERO.
20% of US population
At one time our money was backed by silver and gold. Today, the money supply of the US is what is called "fiat money." This is money that is simply backed by the faith that people have in the government of the United States. The US money supply is not backed by anything like gold. The money itself has no inherent value whatsoever.
If our government needs money, it just prints more. Too many dollars printed and placed in circulation contributes to inflation as we have been witnessing.
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