No cost of living raise for Social Security

NY Post ^ | October 10, 2010 | AP

[Scanian]

WASHINGTON — As if voters don't have enough to be angry about this election year, the government is expected to announce this week that more than 58 million Social Security recipients will go through another year without an increase in their monthly benefits.

It would mark only the second year without an increase since automatic adjustments for inflation were adopted in 1975. The first year was this year.

"If you're the ruling party, this is not the sort of thing you want to have happening two weeks before an election," said Andrew Biggs, a former deputy commissioner at the Social Security Administration and now a resident scholar at the American Enterprise Institute.

"It's not the congressional Democrats' fault, but that's the way politics works," Biggs said. "A lot of people will feel hostile about it."

The cost-of-living adjustments, or COLAs, are automatically set each year by an inflation measure that was adopted by Congress back in the 1970s. Based on inflation so far this year, the trustees who oversee Social Security project there will be no COLA for 2011.

The projection will be made official on Friday, when the Bureau of Labor Statistics releases inflation estimates for September. The timing couldn't be worse for Democrats as they approach an election in which they are in danger of losing their House majority, and possibly their Senate majority as well.

[AlexW]

“Did you buy any gas in 2009?”

The last gas that I bought was in Jan 2005.
At that time, I was buying 5 to 10 gallons every day.

Oh the joys of not having to no longer live in
Obozoland, the USSA, and not needing a car.

[R. Scott]

Wanna bet that Congress will still get their annual pay raise?

[kidd]

How many friends did Michelle Obama take with her on her vacation at a luxury resort in Spain again? I forgot...

[Dem Guard]

Perhaps SS adjustments should be tied to government budget increases.

[SWEETSUNNYSOUTH]

I think this is funny! I am a year away from drawing SS but hope the AARP (which I loathe) gets some of the blame for supporting “Obamacare” at least in the minds of seniors.

[central_va]

If the Govt. official policy is inflation then this would be a good tool: COLAs. This doesn’t make sense.

[hondact200]

Remember Politicians are out of touch with the normal people of America they have a maid or someone else purchase their groceries, have them delivered or eat out at restaurants. Politicians have no understanding that a gallon of milk cost $3.79. Bread cost $2.99 a loaf. A can of tuna is $1.19. Unless you goes to Aldi’s the cost is much cheaper. Opps I forget according to Nancy Pelosi, for every dollar of food stamps money spent, there is really $1.79 spent. Duh, nancy, that is taxpayer money and with over 43 million people on Food Stamps that is not pocket change. A politician like Nancy Pelosi needs to go, but before she goes she must reimburse the taxpayers for her frivolus spending on the taxpayers dollar.

[DH]

A rule that can’t be broken:

Only a fool will believe in any statistics provided by the government.

[LibLieSlayer]

Soon to be NO SOCIAL SECURITY.

LLS

[RetSignman]

{Wanna bet that Congress will still get their annual pay raise?}

They gave themselves one last year. it will be no different next year.

[Doogle]

I thought they announced last year that there wouldn’t be a SS increase for 3 years? So why is this news?

...you have to remind seniors....????..did I have breakfast yet?

[algernonpj]

For information on how the algorithm used to calculated the CPI has had biases toward under counting inflation introduced:
CPI

Note:
The move from a fixed basket of goods, so the CPI no longer compares apple to apples. It has morphed to calculating the cost of a declining, not fixed standard of living.

The move from straight arithmetic weighting of the components of the CPI to geometric weighting, which gives a lower weighting to CPI components that are rising in price, and a higher weighting to those items dropping in price.

Hedonics which adjust the price of components for the 'increased pleasure' the consumer derives from them.

Then there is "intervention analysis" in the seasonal adjustment process, when a commodity, like gasoline, goes through violent price swings. It is biased to assume that that which goes up in price will go down.

[ladyvet]

I don't know what they base their numbers on but basic necessities and utilities are going up. We can't collect SS yet but hubby is working overtime this year just to keep up with rising cost's. After the first of the year he will no longer do that because of the tax increases.

[grania]

The rest of the country is missing raises and losing their jobs, so we SS recipients should not be asking for what is not owed.

A lot of fiscally responsible seniors have money saved in CDs, using what we thought would be 4% at least interest on those savings to add to pensions and/or social security. At rates of 2%, which isn't that easy to find, it decimates that income for seniors.

That's insane. If the feds want to get money back into the economy for a stimulative effect, higher interest on CD savings is probably the best way to do it. It's money that would quickly create local jobs, too, with a lot of that money going into the local economy.

The government is running on stupid.

[grania]

I think this is funny! I am a year away from drawing SS but hope the AARP (which I loathe) gets some of the blame for supporting “Obamacare” at least in the minds of seniors.

I think the AARP lost tens of thousands of members over this. They're primarily an insurance company, so even before Obamacare they supported that pharmaceutical program, which I hate. Give Seniors the COLA instead, and if they chose to squander it on pharmaceuticals, it'll be their choice, not other people's money.

That's why I blame GWB for Obamacare. This obscene and unconstitutional program paved the way. At least it isn't required.

[stilloftyhenight]

Gubmint math is a wonderous thing.

[tanknetter]

"It's not the congressional Democrats' fault ..." Biggs said.

Like hell it isn't.

If, instead of pumping over a TRILLION dollars of deficit spending into all the looney left-wing projects the Dems had pent-up after years of Republican control, the Democrats had enacted straight tax cuts, found the "sweet spot" in the Laffer Curve and put money right into consumers' pockets, the economy would be chugging along at 4-5% growth and SocSec beneficiaries would be getting COLAs this year.

[Alberta's Child]

This is no mere coincidence, for this is exactly how the U.S. government plans to “save Social Security.”

[patriot08]

Well, Obama had to get the money somewhere to fund jihad, didn’t he?

Obama’s 2009 Supplemental Appropriations for Iraq, Afghanistan, Pakistan, and Pandemic Flu was revised and “passed by the full committee.” Not sure what the next step is, but based on the summary, it gives billions http://creepingsharia.wordpress.com/2009/05/13/obamas-supplemental-bill-passes-gives-billions-to-enemies/
of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies.
Read the summary from David Obey’s office that was quietly released last week with nary a word from any media.

• $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces

• $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces

• Afghanistan: $1.52 billion, $86 million above the request

• West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza

• Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance

• Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance

• Pakistan: $1.9 billion, $591 million above the request

• Iraq: $968 million, $336 million above the request

• Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq

• Lebanon: $74 million

• International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis

• Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)

• Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia

• Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic

• Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system
The mainstream media remains silent on this but the International News has now picked up the story http://www.thenews.com.pk/top_story_detail.asp?Id=22164
— and then there is Obama’s $108 billion IMF bailout scheme http://michellemalkin.com/2009/05/13/obamas-100-billion-imf-bailout-scheme/
in addition to the Supplemental.

And THIS is what Obama is doing to American taxpayers:
THE BIGGEST TAX HIKE IN AMERICAN HISTORY:
http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370

.

Obama gives your tax dollars to rebuild Muslim mosques around the world
http://canadafreepress.com/index.php/article/26990#
According to the Associated Press, the Obama administration will give away nearly $6 million of American tax dollars to restore 63 historic and cultural sites, including Islamic mosques and minarets, in 55 nations. See the State Department document here.
http://exchanges.state.gov/media/pdfs/office-of-policy-and-evaluations/ambassadors-fund/afcp2010list.pdf

[patriot08]

Well, Obama had to get the money somewhere to fund jihad, didn’t he?

Obama’s 2009 Supplemental Appropriations for Iraq, Afghanistan, Pakistan, and Pandemic Flu was revised and “passed by the full committee.” Not sure what the next step is, but based on the summary, it gives billions http://creepingsharia.wordpress.com/2009/05/13/obamas-supplemental-bill-passes-gives-billions-to-enemies/
of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies.
Read the summary from David Obey’s office that was quietly released last week with nary a word from any media.

• $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces

• $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces

• Afghanistan: $1.52 billion, $86 million above the request

• West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza

• Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance

• Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance

• Pakistan: $1.9 billion, $591 million above the request

• Iraq: $968 million, $336 million above the request

• Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq

• Lebanon: $74 million

• International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis

• Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)

• Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia

• Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic

• Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system
The mainstream media remains silent on this but the International News has now picked up the story http://www.thenews.com.pk/top_story_detail.asp?Id=22164
— and then there is Obama’s $108 billion IMF bailout scheme http://michellemalkin.com/2009/05/13/obamas-100-billion-imf-bailout-scheme/
in addition to the Supplemental.

And THIS is what Obama is doing to American taxpayers:
THE BIGGEST TAX HIKE IN AMERICAN HISTORY:
http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370

.

Obama gives your tax dollars to rebuild Muslim mosques around the world
http://canadafreepress.com/index.php/article/26990#
According to the Associated Press, the Obama administration will give away nearly $6 million of American tax dollars to restore 63 historic and cultural sites, including Islamic mosques and minarets, in 55 nations. See the State Department document here.
http://exchanges.state.gov/media/pdfs/office-of-policy-and-evaluations/ambassadors-fund/afcp2010list.pdf