Economy Cuts Into Social Security Cost Of Living Increases - New England Patriots Forums

***NEPatriot*** · 06-13-2009, 10:28 AM

Economy Cuts Into Social Security Cost Of Living Increases

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The recession is projected to wipe out annual cost-of-living increases for 50 million Social Security beneficiaries for the next three years, something that hasn't happened since automatic adjustments were adopted in 1975.

The Congressional Budget Office says in its latest budget estimates that inflation will dip so low that Social Security recipients will not qualify for annual increases in 2010, or for two years after that. In 2013 through 2019 — when projections are less reliable — CBO estimates annual increases of 2 percent each year, which would be among the lowest.

It's bad news for all retirees.

***BelichickFan*** · 06-13-2009, 10:31 AM

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Originally Posted by NEPatriot

It's bad news for all retirees.

Retirees don't need a "raise" if there's little inflation. It's good if true, it would help the solvency of that crappy program.

***NEPatriot*** · 06-13-2009, 11:04 AM

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Originally Posted by BelichickFan

Retirees don't need a "raise" if there's little inflation. It's good if true, it would help the solvency of that crappy program.

SS is going to be gone by the time you retire.

***BelichickFan*** · 06-13-2009, 11:11 AM

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Originally Posted by NEPatriot

SS is going to be gone by the time you retire.

It won't be gone because it can't be. Too many people will need it. It may be different and means tested but it won't be gone.

***NEPatriot*** · 06-13-2009, 11:22 AM

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Originally Posted by BelichickFan

It won't be gone because it can't be. Too many people will need it. It may be different and means tested but it won't be gone.

I don't see how people like you are going to pay SS when they loose their job. It means that SS is paying out more than it's getting in.

It's impossible to pay SS, country debt, and Obama universal health care at the same. Medicare is also going to be gone when his health care plan is in place.

2037 is the year for SS to be disappeared as it sates here.
Social Security and Medicare finances worsen - Yahoo! News

The only thing you are going to have FOR SURE is Obama health care.

***DarrylS*** · 06-13-2009, 11:46 AM

As a recent recipient of social security is the easiest and most courteous program that have ever dealt with on the municipal, state or federal level.. they are very nice people..

***BelichickFan*** · 06-13-2009, 11:59 AM

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Originally Posted by DarrylS

As a recent recipient of social security is the easiest and most courteous program that have ever dealt with on the municipal, state or federal level.. they are very nice people..

No-one said they aren't nice. Just that it's a crappy program. It should have been means tested and considered "old age welfare" - with much lower taxes - all along.

***Michael*** · 06-13-2009, 12:10 PM

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Originally Posted by BelichickFan

No-one said they aren't nice. Just that it's a crappy program. It should have been means tested and considered "old age welfare" - with much lower taxes - all along.

The difference being these "old age" people actually worked and payed their taxes. Hardly welfare.

***BelichickFan*** · 06-13-2009, 12:24 PM

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Originally Posted by Michael

The difference being these "old age" people actually worked and payed their taxes. Hardly welfare.

I said :

Quote:

Originally Posted by BelichickFan

It should have been means tested and considered "old age welfare"

What I meant was when the program started the tax should have been far lower and only those who need it should get it. It SHOULD be old age welfare. It isn't and that's the problem.

***Michael*** · 06-13-2009, 12:32 PM

The problem is once upon a time in America retirement was setup like 3 legged table. 1 leg being a pension, 1 leg being 401K etc., and 1 leg being SS. 2 of those legs have already been kicked out. I think we might need to bring back a Logan's Run (just up it to 65) appraoch. It's all we can afford.