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Media will spin Social Security raise as a win, when it isn’t
Posted on 9/14/22 at 9:43 am
Posted on 9/14/22 at 9:43 am
Barrons
The Biden administration caused the inflation that warranted the raise in Social Security in the first place. But they will dance around like drunken Indians convincing senior citizens of how benevolent they are and how grateful they should be.
Maybe they’ll have James Taylor sing you’ve got a friend one more time?!
quote:
Social Security recipients are up for a big raise next year: benefits are projected to climb 8.7% in 2023, the biggest increase in more than 40 years. The annual cost-of-living adjustment, or COLA, is designed to help benefits keep pace with inflation, which, though moderating slightly from earlier this year, has remained stubbornly high. The projected adjustment, newly updated to reflect the August consumer price index, will raise the average Social Security retirement benefit of $1,656 by $144.10, according to the Senior Citizens League, author of the projection. The Social Security Administration will announce the actual COLA for 2023 in October. The increase is based on a calculation that compares the average consumer-price index from the third quarter of 2022 with data from the same period last year. The index that’s used in the calculation is the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. That index rose 8.7% over the past year, while the Consumer Price Index for All Urban Consumers (CPI-U) rose 8.3%.
The Biden administration caused the inflation that warranted the raise in Social Security in the first place. But they will dance around like drunken Indians convincing senior citizens of how benevolent they are and how grateful they should be.
Maybe they’ll have James Taylor sing you’ve got a friend one more time?!
This post was edited on 9/14/22 at 10:00 am
6
Posted on 9/14/22 at 9:57 am to Revelator
Posted on 9/14/22 at 9:58 am to Revelator
quote:congress before the biden administration. been building for a while.
The Biden administration caused the inflation
Posted on 9/14/22 at 10:14 am to Revelator
Sounds like social security will run out even faster now.
Posted on 9/14/22 at 10:34 am to tjv305
quote:
Sounds like social security will run out even faster now.
We should cut welfare before cutting money to people who paid into the system.
Abolish welfare and watch these people get a job and start becoming productive. Or get shot while breaking into my house.
Im good with either scenario.
Posted on 9/14/22 at 11:42 am to Revelator
Social Security benefits have increased for 9 out of the last 10 years. The two largest increases were 3.6% in 2012, and 2.8% in 2019, but the average over the last 10 years is about 1.6%. But 8.7% is rediculous. This will cause SS benefits to go broke before 2035.
Posted on 9/14/22 at 11:54 am to Revelator
quote:Indeed.
Media will spin Social Security raise as a win, when it isn’t
quote:It just means SS becomes bankrupt sooner.
Social Security recipients are up for a big raise next year: benefits are projected to climb 8.7% in 2023, the biggest increase in more than 40 years
Posted on 9/14/22 at 11:56 am to nealnan
Why do you think they want those 87,000 IRS agents
Posted on 9/14/22 at 11:57 am to nealnan
quote:
Social Security benefits have increased for 9 out of the last 10 years. The two largest increases were 3.6% in 2012, and 2.8% in 2019, but the average over the last 10 years is about 1.6%. But 8.7% is rediculous. This will cause SS benefits to go broke before 2035.
What no one is talking about is the increase in the maximum taxable amount for social security...that continues to rise...for the last 20 years, I maxed out on Social Security due to two jobs and then my salary continuing to rise, however the maximum amount to have social security taken out has risen faster than my salary!!!!
first world problem I know, but that amount will continue to rise...
Posted on 9/14/22 at 12:12 pm to Revelator
They should also tout how they crashed the stock market and destroyed retirement income.
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