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Wednesday, December 19, 2012
Obama Proposes Lower Cost-Of-Living Increases In Fiscal Cliff Negotiations
President Barack Obama is proposing lower cost-of-living increases for Social Security beneficiaries, employing an inflation index that would have far-reaching consequences, including pushing more people into higher income tax brackets. Obama made these concessions in his negotiations with House Speaker John Boehner as part of an effort to avoid automatic across-the-board tax hikes for nearly all wage-earners as well as spending cuts at the Pentagon.
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5 comments:
Can we call this a "war on seniors" like the dummiecrats always label the republicans
It was 10 to 20 years ago, 60 year olds were eased out of the work force. 55 seems to be the new 60 when it's time to kick us to the curb.
They already screw with the "cost of living allowance" with their trumped up inflation numbers that ignore the two biggest forms of inflation - food and energy. Get ready for more of the same.
Just got my social security notice for next year. I will get a $15.00 per month increase (less $5.00 for medicare.) How much lower can it go? Smoke & mirrors is all we get.!
The problem was the system was never set up from the beginning to be able to pay for itself, plus we've lumped on increases to people who retired and paid virtually nothing into it. DUH! The first payees got a total free ride. Their benefits should've been lower and stayed lower from the beginning. Now, those who put MAJOR dollars aren't going to even get what they paid into it -- by force -- in payroll taxes. Only those in their 80's and above can say virtually nothing, especially those who NEVER worked.
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