Social Security COLA update expected to
be boosted significantly due to inflation
BizPac Review,
by
Steve Overholt
Original Article
Posted By: Imright,
10/10/2022 5:41:42 PM
News reports say the upcoming cost of living adjustment (COLA) for Social Security could be “huge,” but the Senior Citizens League says it will still be unfair to seniors and not enough to compensate for their actual increased expenses.
“My COLA estimate has dropped to 8.7% almost a full percentage point from the 9.6% that I forecast last month. That was a significant drop, but the Consumer Price Index, CPI-W (CPI-W), the index that Social Security benefits are based on, has decreased even [more] —by 1.10 percentage point year over year to 8.7%,” noted Mary Johnson, Social Security and Medicare analyst for the League.
Reply 1 - Posted by:
Omen55 10/10/2022 5:52:22 PM (No. 1300855)
Seniors voting for dem is like swimmers grabbing an anchor for flotation.
27 people like this.
Reply 2 - Posted by:
Rich323 10/10/2022 6:09:38 PM (No. 1300859)
I’m getting social security but I say stop inflation as the increase will kill the fund even faster. President Trump planned to fix social sec in his second term and had plans to address debt by using tariff funds to bolster social sec and pay off debt. Butthead and Beaveris screwed us all!
30 people like this.
Reply 3 - Posted by:
snakeoil 10/10/2022 6:15:58 PM (No. 1300865)
No matter how much the increase is it will be wiped out with increasing cost for Medicare, food, housing, energy, clothing, gas, ad infinitum. One interesting things about old movies is the cost of stuff from around a century ago. One of my favorite movies is the Jimmy Stewart Christmas Classic "It's a Wonderful Life" in which he chastises the villain Mr. Potter for selling houses for $ 5k. Telling the old guy he just doesn't know how much money $ 5k is to a working man. What would that sum by today.
17 people like this.
Reply 4 - Posted by:
Hairy Eyeball 10/10/2022 6:18:03 PM (No. 1300866)
And yet food stamps will get 12.5 %
27 people like this.
Reply 5 - Posted by:
Ribicon 10/10/2022 6:19:48 PM (No. 1300870)
Of greater importance is that banks are allowed to pay criminally low interest rates on savings, set far below the rate of inflation. People with a reasonable amount of money in savings at once point could safely earn quite a bit on interest income, but today (and starting under Compassionate George, when rates dropped from around 5% to around zero), people have to gamble their savings in the stock market or have them lose value by the day in savings (or CDs, which also are set below inflation).
17 people like this.
Reply 6 - Posted by:
FJB 2022 23 24 10/10/2022 6:53:40 PM (No. 1300892)
Yep, screw over the seniors but give out foodstamps and all kinds of dough and all kinds of free benfits to the illegals . Joe Biden's economy is hurting us all but it hits especially hard on those who only have ss. to live on. Oh and don't forget to use seniors in your political speeches by scaring the h*ll out of them by saying Republicans are going to do away with it altogether.
FJB and his whole da*n administration
22 people like this.
Reply 7 - Posted by:
kono 10/10/2022 6:54:18 PM (No. 1300893)
Wouldn't that admit there is inflation? Didn't Biden angrily insist stories saying there's inflation are fake? How will they finesse that one? Or more realistically, how will they gaslight that one?
12 people like this.
Reply 8 - Posted by:
scottj 10/10/2022 6:58:36 PM (No. 1300897)
I'm a 100% disabled Veteran. Last January we got cost of living increase of 5.7%. Inflation went to 9.1%. It's still over 8%. We are even worse off this year than we were last year. Now we are going to be even worse off next year than we are this year. If you're a senior citizen or disabled veteran you will never get ahead. You will get worse off every year.
23 people like this.
Reply 9 - Posted by:
sunshinehorses 10/10/2022 7:06:20 PM (No. 1300902)
Considering that my Social Security is taxed (what little I get) because of my husband's income, I won't ever get ahead. I too am upset that food stamps got a much higher increase.
21 people like this.
Reply 10 - Posted by:
Hairy Eyeball 10/10/2022 8:08:15 PM (No. 1300938)
Or a shark for a ride #1
5 people like this.
Reply 11 - Posted by:
chance_232 10/10/2022 9:09:56 PM (No. 1300979)
Meanwhile.....in the private sector.....we get, if we are lucky, a 3-5% annual increase and lose 25-50% of our 401Ks.
Call me callous for not getting teary eyed over your 8+% increase.
5 people like this.
Reply 12 - Posted by:
Califedup 10/10/2022 9:41:35 PM (No. 1300996)
What isn't addressed in the article is that the communist Federal Government (supposedly our government) at the same time as the COLA increase to Seniors is paid out also increases the cost of Medicare which is deducted from the Social Security payments each month and the net result is that this drastically reduces the actual money received. Give on one hand and take back most with the other hand. Evil through and through.
7 people like this.
Reply 13 - Posted by:
jalo1951 10/10/2022 10:36:48 PM (No. 1301008)
Let's not forget the "help" they gave us last year. Raised the COLA and the Part B at the same time. I ended up with a net gain of $11.
10 people like this.
Reply 14 - Posted by:
smokincol 10/11/2022 12:05:17 AM (No. 1301044)
and don't forget, folks, that the monthly benefit is taxed and Medicare is taken out as well so, this is so much demcommie suppression and repression it's almost too much to take, we still won't walk away with any kind of standard of living benefit amount when all is tallied ie: that suggested amount of "$1,801 per month" is BEFORE deductions and then throwing in inflation costs??? this is a cruel and deadly federal government we have
MAGA, MAGA, MAGA
6 people like this.
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