Posted on 09/21/2015 3:52:21 PM PDT by BenLurkin
"It's very likely the COLA will be zero, given the way the numbers are now," said Polina Vlasenko, senior research fellow at the American Institute for Economic Research.
The problem: The way the government measures inflation simply doesn't reflect what people on Social Security spend their money on. The elderly simply don't benefit as much from lower gas prices as the average American worker because they're no longer driving to and from work.
The falling gas prices are due primarily to oil prices, which are near a six-year low. A surge in U.S. oil production has fed a massive glut of oil. Normally, when prices fall, OPEC steps in and cuts production. But not this time. The cartel -- led by Saudi Arabia -- continues to pump record amounts. The fact that the West may soon have access to Iranian because of the nuclear sanctions deal has also helped drive prices lower.
Demand for oil has also been sluggish. Some developed economies in Europe and Asia are barely growing, and emerging markets in Latin America are stumbling. Growth in China, the world's second largest economy, has slowed dramatically.
(Excerpt) Read more at cbs58.com ...
$1.89 a gallon here.
Good lord. Prices are low and its a problem because it means there will be no Social Security COLA. How perverse is that logic? I guess this reporter would be happy with 20% inflation because it would mean that Social Security payments would be going through the roof.
This thing is losing steam...
Is this a new Gene Simmons costume?
I’m probably a typical senior. I drove 3000 miles last year. My rent went up $20 a month. Eggs alone went up $1 a dozen. Can’t afford steak or hamburg anymore. Whatever....
Times are tough out there - thx to our president and politicians. Freedom works if gov’t stays out of way.
I know from where you speak. Lots of seniors in the same boat. Thanks a heap Obama for destroying the middle class.
I can’t wait to see what my Medicare supplement premium will be next year. Just received a glossy ad from the carrier hyping some “swell” new features I’m just going to love. Of course, no word about how much all these new features are going to cost me.
How many billions of printing press money will be given to the banking elite?
People who are already retired can mostly cope, gradually losing their financial security blankets. But how are people over age 50 (or so) EVER going to catch up and prepare for retirement?
We bought a new SUV in 2013 for Hubby. He has put 4K miles on it. Gas prices don’t mean much to him but PG&E, our water bill and groceries......through the roof. Guess those things don’t matter to the Feds.
I had to drop the one I had for years cuz it went from $40 to $100...and pick up a new plan...with a $7000 deductible. I don’t even have $7000.
Yeah. Since Obamacare passed our private insurance has increased over 30%. I think it’s closer to 40.
...and for those that do eat...the price of Chinese-produced "Liver Pate" has been fairly stable.
Not sure about Saltines, though.
I just bought a second 4wd truck. I'm ready for global cooling LOL.
You really should get out more! Most seniors I know still work full time and I intend to continue driving the 45 miles to and from the office daily until it’s time to go to the undertaker. Taxes, property insurance and wind insurance went up $1200 this year. Now that we can afford bacon, we can’t afford the eggs. All business related expenses have climbed 35 percent this year over last.
Gas prices below $2.00 a gallon is a real blessing for my business driving and frequent weekend trips.
If you like your plan, you can keep your plan — if you can still afford it.
Where was the article that Social Security that mentioned there will be a 16% cut for 2016? Did i read that wrong, I cannot remember the article title but it was in early 2015.
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