We've known for years that our Social Security system is headed for trouble. The Social Security money that is deducted from our paychecks has been spent; it is gone, spent, not there. It should come as no shock to anyone that eventually the bill comes due and we're broke. No cost of living increase this year or for the next few years--if ever. Yes, it will hurt as the cost of Medicare supplemental insurance continues to rise but freezing Social Security payments at current levels is a rather mild temporary solution to a problem that is not only not going away but is guaranteed to get progressively worse. If you are depending on Social Security to feed and shelter you, you'd better come up with another plan ASAP. This is just beginning.
http://www.nytimes.com/aponline/2009/08/23/us/politics/AP-US-Social-Security-Smaller-Checks.html?scp=2&sq=Social%20Security%20COLA&st=cse
Thought for the Day:
The reason most goals are not achieved is that we spend our time doing second things first. Robert J. McKain
1 comment:
I realize that due to increases in Medicare payments, people on Social Security will see their checks be less this coming year. But it is NOT a freeze and it is NOT part of a plan to save money at the expense of Seniors. It is working exactly the way it has always worked--EXCEPT that this year there was no inflation, and thus no increase in the COLA and thus no increase in the monthly Social Security payments. In fact, in order to raise payments, whole sections of the federal regulations governing Social Security would have to change.
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