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Thread: Millions face shrinking Social Security payments

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    Millions face shrinking Social Security payments

    Millions face shrinking Social Security payments - Yahoo! News

    WASHINGTON – Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.

    The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.
    "I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. "To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal."

    Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.
    Critics argue that Social Security recipients shouldn't get an increase when inflation is negative. They note that recipients got a big increase in January — after energy prices had started to fall. They also note that Social Security recipients received one-time $250 payments in the spring as part of the government's economic stimulus package.

    "Seniors may perceive that they are being hurt because there is no COLA, but they are in fact not getting hurt," said Andrew G. Biggs, a resident scholar at the American Enterprise Institute, a Washington think tank. "Congress has to be able to tell people they are not getting everything they want."
    If you read the rest of the article, you'll find that some in Congress want to increase Social Security payments even though we are in a slight deflationary period.
    This is what happens with government programs, they always find a way or reason to increase spending in them even when it isn't warranted.

    Seems to be another attempt to pay off the welfare class for future votes.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Millions face shrinking Social Security payments

    We'll be hearing someone say we need to increase SS security deductions along with employer matching.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Millions face shrinking Social Security payments

    Quote Originally Posted by apdst View Post
    We'll be hearing someone say we need to increase SS security deductions along with employer matching.
    I cringe at that thought.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Millions face shrinking Social Security payments

    I am really split on this. It's one of those things I can really see both sides on. On the one hand, I don't like the idea of not helping out seniors, who rightly or wrongly have been told that SS was going to be there for them, but on the other hand, they are going to get SS, and if the cost of living has not gone up, thre should be no real harm. Except that next year is when we should start seeing real recovery, and cost of living could quite likely rise during the year, leaving seniors screwed.

    I think if the choice was in my hands, give them a small COLA, but combine it with cost cutting elsewhere to pay for it.

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    Re: Millions face shrinking Social Security payments

    End SS for all people 50 and under.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Millions face shrinking Social Security payments

    PBO's gonna wanna stick his cabbage collectors in our pockets, again. That's going to tbe the answer.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Millions face shrinking Social Security payments

    Quote Originally Posted by MrVicchio View Post
    End SS for all people 50 and under.

    And how many millions of old people would be living in cardboard boxes in 25 years if we did that?

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    Re: Millions face shrinking Social Security payments

    Quote Originally Posted by MrVicchio View Post
    End SS for all people 50 and under.
    I would add that all money taxed to those under 50 for SS be refunded.

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    Re: Millions face shrinking Social Security payments

    Quote Originally Posted by Baralis View Post
    I would add that all money taxed to those under 50 for SS be refunded.
    I could live with the tax being repealed and not worry about refunds of already made payments.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Millions face shrinking Social Security payments

    Quote Originally Posted by Joe1991 View Post
    And how many millions of old people would be living in cardboard boxes in 25 years if we did that?
    Aww, the old Card board box routine.

    And when SS goes belly up, or we go bankrupt what then?

    People need to rely on themselves, not the government.

    THAT's where most of our problems start, looking to DC to save you.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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