Expected announcement before election couldn't be worse for Democrats
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.
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ReplyDeleteThere is no inflation. Why should they get a raise?
ReplyDeletebut didnt congress vote themselves a raise for COLA?
ReplyDelete8:15
ReplyDeleteThe Federal Reserve has inflated the money supply by over 50% in the past 2 years.
There is twice as many U.S. Dollars now as there were 2 years ago. They money velocity has not increased, but there is twice as much money.
Money creation is inflation.
Why do you think the price of gold, silver and oil have sky rocketed recently?
QE2 - the quantity of money is being inflated.
The CPI is less than zero. There is no rate increase entitlement.
ReplyDeleteWhat like your boy Obama, change we can believe in. All mouth, no action but farthur country debt.
ReplyDeleteWell, lots of us who work have not gotten raises, either, myself included. While it stinks that so many are not getting raises, it's not like social security beneficiaries are being singled out.
ReplyDeleteWith all that is going on, in the economy, if seniors complain about this it proves how it is all about them.
ReplyDeleteHey Anonymous 10:11 AM, at least the seniors contributed monitarily to their retirement via social security. The deadbeats of the welfare system, who have done nothing to deserve anything from the government (YOU/YOUR TAXES) and have no intention of doing anything EVER, (WORK/CONTRIBUTING TO SOCIETY) in life except making babies, doing drugs and watching TV all day, waiting for the first of the month for that check, in the house YOU provide for them. They will get their government raise (DEMS WILL SEE TO THAT), while seniors will not. See the picture now? The (FORGOTTEN) haves that contributed and the have nots (ENTITLED FREE LUNCH VOTERS). Look at the housing market, it's self correcting itself every day, less demand for new homes because no one has any excess money. The more, more, more for me people are just putting themselves out on that limb because the guy that says I'll do it for less will take home the prize and Mr. Greedy will still be yelling MORE. Take less for what you do, buy less then you want, buy only what you need (which is how it should have been all along) and you'll make it in this crummy economy. And when Mr. Banker and Mr. Liar Real Estate Broker try to convince you to spend money that you do not have and may never ever get to buy a house that your presently able to live without, you won't be fooled like the last time you got stuck huh?
ReplyDeleteAnon 11:26
ReplyDeleteYou are preaching to the choir,namely,if the fraud in SSI was eliminated,there might be more funds for the elderly.But a large portion of SS funds go to people who are NOT old but are disabled.And out of those,alot are "skating".There are families who live off of it because every kid in the house gets a chck for ADD,or some other psychotic issue.Many more get a monthly check simply because they are too drunk or high to keep a job.Eliminate the abuse first.
Furthermore,alot of us out here working have had our hours cut,but who is going to speak for us?
Yup, lets get rid of all those disabled people so there is more money for me.
ReplyDeletebluej I know who won't speak for you, the Republicans. They will continue to support the rich and powerful who will continue to cut jobs and hours if it means increasing the almighty profit. Unfortunately a lot of old-school Dems are in the corporations pockets too.
ReplyDelete