No Cost of Living Adjustment for Next 2 Years, Trustees Say; First Time in Generation Payments Would Decrease
(AP) Millions of older people will 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.
By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.
"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."
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17 comments:
SS has been going away for the future a loooong time ago. This isn't news.
They need to reduce the dependence over time and this a start. Keep the increases under COLA forever is my vote.
OMG, all this is, is a tactic. This will basically force elderly to throw their support behind the Universal Health Care. Do you know how many elderly people are calling congressional offices? Now the congressional offices response can be, if you support the health care plan you won't have to worry about Medicare premiums. Just find it interesting that they do this now. They are slick. I'll give them that.
The elderly will will kick a lot of ass in the next election.The minorities Blacks,Latinos,Mexs, and what ever are gonna be in bad shape.I am getting god damn tired of these politicans not looking out for the ones that put them there.Take some some of that money Peloski spends on her jets and Obamas Chicago radials and reimburse ss.
As a 27 year old independent who supports Obama, I say end social security (retirment benefits) for everyone 30 yr. old or younger. Make benefits available only to those who become disabled/unemployed. Our age group would have plenty of time to adjust our savings habits while taking the long-term financial burden off the country.
Anyone agree/disagree? Anyone think politicians from either side of the aisle would have the guts to take this stand?
anonymous 10:42, I'm 48 years old and I agree 100%.
Its going to end alright, your paying into something youll never see years from now.
Liberal progressives or socialist take your pick they're putting the squeeze on old people.Either they're trying to scare them or eliminate them.
I'm willing to continue to pay into the system to take care of those folks relying on the money. But atleast I know social security won't be another burden on the US down the line and I can plan my retirment accordingly.
Joe, as I've said before, there is plenty of room for us all to agree when we tone down the rhetoric and fearmongering (on both sides).
10:53, you spout a pile of partisan crap.
--10:42
Retirment huh, go find me 100 middle class American (legal) workers and ask them how many of them think they will ever retire. Get out of your dream world, the rest of us have already woke up.
11:59, Most of us would be happy if we just got to keep our houses. This country is going down faster than a no-teeth hooker from hunts point.
11:59 and 12:05, its a recession. It will end. Funny how when Reps. are in charge, "better days are just over the horizon" but when Dems. are in charge "the world is coming to an end"
10:42
You make a great point-theres probably more young people under 50 collecting from Social Security than senior citizens and that is just wrong unless they are disabled severely.I know of people who get a check for "mental problems" when in reality they are just too lazy to work or they drink too much to hold down a job.If you knew how many children receive benefits-not because of a disabled parent but because the parents have had the kids declared "disabled",you would be shocked.Learning disability=tax free checks.And on the other hand I know a fella who had 3 heart attacks,2 bouts with cancer and should not work but he cant approved for these benefits.Sadly,people who truly need SS benefits get shafted
Its a Depression and no matter which side of the aisle your on no-one has ever seen it like this before, at least no-one under 60.
How much would have been in the SS fund for the Seniors or their spouses that earned SS if it had / is not been / being robbed by the Politians by the trillions to pay for pork barrell projects? Leave it to the politians to screw up the few good things they have established for the legal citizens. I notice they have yet to mention their handling of SS in the same sentence as healthcare. I wonder why?
So what happens to those who are not making ends meet now?
bluetom, lets see some concrete numbers instead of wild claims out of your @$$.
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