NO Social Security COLA, Why no hue and cry?

[Pseudomind]

From what I gather there is to be no COLA for Social Security for 2010 and probably 2011. This seems strange as I am sure many people who actually depend on SS to some extent are looking at their politicians.

I mean gee billions and billions for fat cats an da few common folks who need whatever they can get receive zilch.

Wheres the media here? :huh:

 

[fc3]

Really? Now this is going to be interesting. Which side will the media line up? Team Osama? Or team old folks? Where's George Bush to blame when you need him?

 

[Four Suns]

It's Bush's fault.

There are going to be more cuts to SS than just COLA's coming... there has to be.

 

[fc3]

Actually for this one, it's congress's and the media's fault. They stopped Bush when he started to talk about it.

 

[comsnark]

This may be a reason for the zero cola: http://forecasts.org/inflation.htm

Last year, the Cola was one of the higher ones in the last ten years. (The reason is also apparant looking at the chart at the bottom).

 

[Pseudomind]

I pretty much have an understanding, (supposedly little inflation) but I am surprised the recipients are not being more vocal.. I guess it just shows, those with the money receive aid and the ones who have lost and are not big money ticket items. then the media ignores.. I mean who owns the media? The Social Security recipients or the big bucks.

And no I am not for socialism, it just seems strange that the gov-mint can give trillions out, to companies, these same companies who have contributed to the lost of trillions for individuals who were trying to do the right thing and save for the future.

So OK lets stop SS, but do a cut off date and stick with it, yet at the same time have some other mandatory retirement program in place where ones money will actually be safe.

There is a goodly number who are basically past employment age who receive less then $600.00 a month who for all intents and purposes fell under a misconception about social security in the beginning. Thus a requirement for cut off date to end SS, I seriously doubt if one is in their 60's they can save enough to retire own.

I would just like to hear the media carp about this issue. Hell they carped loud and often enough to educate enough people on how to refinance their mortgage, by just skipping a few payments. Then your gov-mint will step in and assist you.

:huh: Lets hear some media comments

 

[Dave S]

My wife and I already receive social security. But if there is no COLA adjustemnt next year that's OK with me. This year we received $500 in stimulus" money that was totally uncalled for as far as I am concerned. That more than makes up for a puny 2010 COLA adjustment anyway.

Now the AARP lobbyists may not feel the same way. So if they get a burr up their butts, you can bet the media will pick up on that. :smt043

 

[comsnark]

. . .and on the flip side. . .

. . if the COLA is zero, then the Wage tax cutoff won't go up either.

That's money in my pocket.

 

[skibum]

. . .and on the flip side. . .

. . if the COLA is zero, then the Wage tax cutoff won't go up either.

That's money in my pocket.

I'll bet you a beer that they raise the wage cutoff anyway Comsnark...

We have a bunch of liberals running everything on the Hill these days. They just won't see it that way. The argument will be something along the lines of "we still have huge shortfalls, so we see no reason NOT to raise th wage cutoff even though the recipients will not be betting a COLA."

Michael

 

[comsnark]

Can't take the bet. . . I spoke too soon before.

I thought the wage tax cutoff was based upon COLA. It isn't. It's based upon the "average wage index". http://www.ssa.gov/OACT/COLA/cbb.html This data is based upon tax returns. . so it is COLA independent. I guess we won't get the 2009 number until mid 2010.

Heh. I wonder if this will go up or down for 2010. I know a few people who took pay cuts this year. (no. . they are not in the airline industry. No . .they are not union).

I suspect to change the COLA or Wage tax formulas would (literally) take an act of Congress.

While I am sure such a change is inevitiable. . .I doubt it will happen until the economy shows some positive sign of improvement. (I suspect a balanced budget is low on the Obama list of priorities)

 

[skibum]

Rats! I'm trying to accumulate free beer in every port. Oh well... Smart move on your part. :grin: