2024’s Social Security COLA increase might be slightly larger than last estimated, but it won’t match 2023

The Hill ^ | 07/14/2023 | MICHAEL BARTIROMO

[ChicagoConservative27]

(NEXSTAR) – The next cost-of-living increase for Social Security recipients is projected to be slightly better than previously estimated, but still the lowest in years, the Senior Citizen’s League predicts.

The Senior Citizen’s League (TSCL), a nonpartisan senior advocacy group, had estimated in mid-June that 2024’s COLA increase could be somewhere around 2.7% — a huge drop-off from 2023’s 8.7% increase.

The group’s revised estimate, issued Thursday following the publication of the Labor Bureau’s Consumer Price Index for Urban Wage Earners (CPI-W), now puts that number at 3%, they say.

Three percent, however, would still amount to the lowest COLA increase since 2020.

[ConservativeInPA]

The SS Trust Fund will be exhausted in 2034

It’s in the future and people don’t plan for their own futures, so why should government? I’m not worried though, my birth certificate has an expiration date of 2033. 😂

[SunkenCiv]

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[kabar]

Yeah, right.

[yelostar]

Social security would not be broke if they didn’t use the funds for disability and every other use.

SSDI - Social Security Disability - is paid out of the Disability Insurance Trust Fund (created in 1957).

SSDI benefits are paid to workers for temporary and permanent disabilities. A worker must have accrued enough work credits to qualify. A full benefit amount for an individual is based on what their social security amount would be at FRA - full retirement age. If someone is determined to be 100% permanently disabled at 50 years old, their monthly benefit will generally be the amount calculated to be their full retirement benefit. Those statements we all get from SSA show the numbers.

SSI - Supplemental Security Income - is paid out of the General Fund.

* you are 65 or older, blind or disabled;
* you are a U.S. citizen or lawful resident;
* and you have very limited income and financial resources.

In 2023, the SSI standard for limited income is income of up to $914 a month for an individual or $1,371 a month for a couple.

Regular Social Security is paid out of the OASI Trust Fund: Old-Age and Survivors Insurance.

I recall reading a few years back that the DITF has historically been more solvent than the OASI Trust Fund. Not sure if that’s still the case.

[cgbg]

The SS “Trust Fund” is a myth.

Here is the proof:

https://moneymorning.com/2017/03/31/the-social-security-trust-fund-is-just-a-stack-of-ious-in-a-west-virginia-filing-cabinet/

[cgbg]

I look forward to your detailed analysis of the corner boy’s shell game.

;-)

[GOPJ]

Social security would not be broke if they didn’t use the funds for disability and every other use.

"Disability" started out as a good thing. Helping people who really were disabled.

Then democrats and their various 'victim groups' decided there was too much easy cash to ignore. So anyone with an positive HIV test was collecting... anyone 'homeless' was pulling in cash - even anyone with a bad temper or an addiction...

We know why the real statistics are never released and the bimbos and pretentious 'men' of the press never look.. this is the biggest scam since the Snake told Eve to eat the apple - it would all work out. '

[GOPJ]

...now look for medicare to raise their rates.

Maybe close to 3%? Just a guess...

[kabar]

I notice the article was written in 2017. These “IOUs” are backed by the full faith and credit of the USG. They are now being redeemed by the USG to make up the shortfall in revenue so full benefits can be paid. Yes, they are non-market, interest bearing T-bills and represent a liability, which is why the SSTF and other federal trust funds are included in the $32 trillion national debt. But these T-bills are far from being worthless.

The USG has borrowed the money from the SSTF just like the do from the Chinese, Japanese, etc. I won’t go into the arcane rationale why the non-market T-bills are used, but it is actually to protect SS. Federal employee pension contributions are handled the same way.

Bill Clinton wanted to take the SSTF holdings and invest them in the stock market and other investments. The problem is that such a huge amount of money would distort the market and lend itself to political influence

[cgbg]

“But these T-bills are far from being worthless.”

You acknowledged they are non-marketable.

That equals worthless.

.Gov is just another scammer using big words to bamboozle the peons.

[kabar]

Non-marketable means less volatile and less risk.

Marketable Security vs Non-Marketable Security

Marketable securities are those which are freely traded on the secondary market. The key distinction between marketable and non-marketable securities revolves around the principles of market value and book or intrinsic value.

Marketable securities have a marketable value, one which is subject to potentially volatile fluctuations in line with changing levels of security demand in the trading marketplace. Marketable securities, therefore, generally carry a higher level of risk than non-marketable securities.

Non-marketable securities, nevertheless, are not subject to changes in demand in the secondary trading market and, therefore, have only their inherent value, but no market value. The monetary value of a non-marketable security, depending on the characteristics of the security, may be considered to be either its nominal value, the amount payable on maturity or its purchase price plus interest.

[cgbg]

Words, words, words—the con artist at work.

[kabar]

Words have meanings.

[cgbg]

Words are the weapons of con artists, black magic.

There is no there there.