Posted on 10/14/2012 6:44:48 AM PDT by tobyhill
Social Security recipients shouldn't expect a big increase in monthly benefits come January.
Preliminary figures show the annual benefit boost will be between 1 percent and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975.
Monthly benefits for retired workers now average $1,237, meaning the typical retiree can expect a raise of between $12 and $24 a month.
The size of the increase will be made official Tuesday, when the government releases inflation figures for September. The announcement is unlikely to please a big block of voters -- 56 million people get benefits -- just three weeks before elections for president and Congress.
(Excerpt) Read more at foxnews.com ...
What is the basis for any increases at all?
It’s a COLA. This assumes old people don’t eat or drive.
http://www.zerohedge.com/contributed/2012-10-12/inflation
As someone who depends (not totally) on SS retirement benefits, I see no reason why there should be any increase at all in light of the condition of the system.
But the US government likes to play games with the numbers.
We don’t know if Medicare Part B is going to chew this up.
We already had two years of that ~ subsequently the government has dramatically increased the money supply ~ some think there’s some lurking inflation in that ~ maybe not. In either case an adjustment for cost of living doesn’t put more real value in your pocket.
SS has an increase between 1 percent and 2 percent, while the IRS charges twice as high a rate!
There was no increase in COLA in 2010 and 2011.
there were no increases during the previous two years.............did the condition of the system improve? Didn't think so.............
“”We don’t know if Medicare Part B is going to chew this up.””
It always does, I think. No COLA, no increase in Part B. When they do increase it, Part B goes up accordingly.
Like someone here said, we don’t eat or drive!!
The price of luxury cars and boats is down, along with expensive 2nd homes. A new Ipad costs less than the first computers. Wages for maids and butlers is flat or falling.
These are the things seniors spend their money on, not food, fuel, and medical bills, all of which are skyrocketing./ Sarc.
My last COLA was $32. Part be took 1/3.
I'd rather my tax dollars help support some SS recipient here than fill the bank accounts of terrorists in the Middle East.
Oh, I see how it's supposed to work now. Get WHAT you can WHILE you can and to hell with everybody else.
Thanks, I now change my opinion to, "GIMME ME MORE MONEY!!!"
Again, thanks for setting me straight.
I woke up late this morning and I blame Obama for that too.
Seriously, unless changed by Congress the COLA is automatic based on the change in the July-September average CPI from the previous year's 3rd quarter. It went up 6% in January 2009 because of the spike in gasoline and natural gas prices the previous summer. Then once that spike went down there was a decrease in CPI for the 3rd quarter 2009 so no COLA in 2010. The CPI in 3rd quarter of 2010 went up, but not to 2008 levels so no COLA in 2011 either.
You can argue with whether the CPI accurately measures inflation, but Obama has no direct effect on the SS COLA.
To keep people who went on it, after paying in their working lives, 25 years ago from trying to subsist on 1985 monies in a 2012 cost-of-living? Much as it should have never been put in place, the fact is that folks bought into the gov't pogrom and are now stuck with it unless they still have some working years to change venues.
I’ll buy more ammo with mine!
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