Social Security Takes A Hit 2 Years In A Row

Discussion in 'News / Current Events' started by 4ever4Jesus, Oct 10, 2010.

  1. 4ever4Jesus

    4ever4Jesus
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    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.

    http://www.msnbc.msn.com/id/39603054/ns/business-your_retirement
     
  2. Paul3144

    Paul3144
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    That's a good thing. Inflation is lower than it has been in many years.
     
  3. targus

    targus
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    Except no for the things that retirees buy - like food and medicine.

    Retirees living on social security don't tend to buy too many new houses or cars.
     
  4. Bob Alkire

    Bob Alkire
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    So true!!!
     
  5. Chessic

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    It's also tough on the disabled. We have been told it will be frozen next year as well.

    With the large increase in food costs in recent years, the increase in prescription drug co-pays, and the cutbacks on health care like dental and eyeglasses, it's a bad time to freeze cost-of-living increases.
     
  6. carpro

    carpro
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    So true.

    The bright side, for those that live long enough, is that the fed is printing money like there is no tomorrow. The inevitable result will be inflation that will push up the cost of living . That will result in higher SS benefits...
    and higher prices , of course. :tear:

    Sadly, there's no way senior citizens can outlast the moronic economic policies of the Obamanites. Many of them will die poorer...and sooner.
     
  7. Pastor Larry

    Pastor Larry
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    With what would a cost of living increase be given?
     
  8. targus

    targus
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    I have to admit that we are in a tough position with social security.

    The system can't continue without some sort of change.

    Either we cut benefits, increase the age at which retirees can collect, means test or increase taxes.

    None of these solutions seem "fair".

    Perhaps "fairness" requires a combination of all of the above - plus allowing individuals to opt out of the system all together.
     
  9. HankD

    HankD
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    They could print more money!

    HankD
     
  10. sag38

    sag38
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    That's a good thing. Inflation is lower than it has been in many years.

    Wow, a perfect example of "spin."
     
  11. Jon-Marc

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    This country is so far in debt now that a few billion more won't make much difference. The government needs to drastically cut spending starting with the politicians salaries.

    Then cut down on foolish grants given for all kinds of senseless experiments and studies--like one I read about where the government gave a man $250,000 to study the sex life of an insect.

    Then all able-bodied people who are capable of working should be given until the end of this month to find work, at which time their free money will be cut off--whether they find work or not. I have no sympathy for free-loaders who just want to live off of the taxpayers and are too lazy to work for a living. The only ones who should be on welfare are those who are not able to work and have no income.
     
  12. Joseph M. Smith

    Joseph M. Smith
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    The fact remains that the Consumer Price Index, which is the basis for Social Security COLAs, is flat. If you have a rule, and it has been used for many years, giving sizable increases in some years, then it is not appropriate to complain when that same rule dictates zero increase. Last year it was noted that since the CPI had gone down, there might even have been a justification for lowering Social Security payments. That did not happen, so that in a sense a zero change was still a slight increase.

    We do need to remember that Social Security was never intended to be a senior's sole means of support. It was intended to supplement pensions or other retirement programs, including savings. Now there are IRA's and other investments that also help; they do require some discipline on the part of the participants.

    I do wonder, however, about some of the eligibility rules. Years ago my wife's grandmother emigrated from England to live out her last days with her daughter. She had never worked a day in this country. Nonetheless somehow she began to receive a modest Social Security payment! Never did understand why ... but she turned it over to her daughter to help pay the expenses of her care.
     
  13. billwald

    billwald
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    It could have been SSI money which is administered by the SS Administration but does not come from SS funds.
     

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