But not as much on COLA. If I could still buy a 1960's size Hershey bar for 10 cents, I'd agree.
But as long as Congress lets the Fed drive the dollar down to trash, the COLA is needed as a bandaid on the problem of inflation.
Yes that is a very nice thought, however it puts the onus on taxpayers to pay increased taxes to keep upping SS and GVT Pensions. Which kind of makes for a self eating watermelon where prices go up because taxes increased to pay pension COLA.
I think that these pensions should be viewed as annuities (i.e., a fixed sum of money paid to someone each year, typically for the rest of their life). It is incumbent on the individual to take steps to cover inflation.
One way I am covering inflation is I converted an IRA to an annuity, so I get that fixed amount every month. But I know several guys here in Thailand where they only have SS because they believe in the Government umbrella.