You are not connected. Please login or register

Go to page : 1, 2  Next

View previous topic View next topic Go down  Message [Page 1 of 2]

SSC


Admin
Social Security Payments to Shrink for First Time in a Generation
The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years.

AP
http://www.foxnews.com/politics/2009/08/23/social-security-payments-shrink-time-generation/
Sunday, August 23, 2009
WASHINGTON -- Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.

The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

"I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. "To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal."

Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.

Advocates say older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation. Many also have suffered from declining home values and shrinking stock portfolios just as they are relying on those assets for income.

"For many elderly, they don't feel that inflation is low because their expenses are still going up," said David Certner, legislative policy director for AARP. "Anyone who has savings and investments has seen some serious losses."

About 50 million retired and disabled Americans receive Social Security benefits. The average monthly benefit for retirees is $1,153 this year. All beneficiaries received a 5.8 percent increase in January, the largest since 1982.

More than 32 million people are in the Medicare prescription drug program. Average monthly premiums are set to go from $28 this year to $30 next year, though they vary by plan. About 6 million people in the program have premiums deducted from their monthly Social Security payments, according to the Social Security Administration.

Millions of people with Medicare Part B coverage for doctors' visits also have their premiums deducted from Social Security payments. Part B premiums are expected to rise as well. But under the law, the increase cannot be larger than the increase in Social Security benefits for most recipients.

There is no such hold-harmless provision for drug premiums.

Kennelly's group wants Congress to increase Social Security benefits next year, even though the formula doesn't call for it. She would like to see either a 1 percent increase in monthly payments or a one-time payment of $150.

The cost of a one-time payment, a little less than $8 billion, could be covered by increasing the amount of income subjected to Social Security taxes, Kennelly said. Workers only pay Social Security taxes on the first $106,800 of income, a limit that rises each year with the average national wage.

But the limit only increases if monthly benefits increase.

Critics argue that Social Security recipients shouldn't get an increase when inflation is negative.

They note that recipients got a big increase in January -- after energy prices had started to fall. They also note that Social Security recipients received one-time $250 payments in the spring as part of the government's economic stimulus package.

"Seniors may perceive that they are being hurt because there is no COLA, but they are in fact not getting hurt," said Andrew G. Biggs, a resident scholar at the American Enterprise Institute, a Washington think tank. "Congress has to be able to tell people they are not getting everything they want."

Social Security is also facing long-term financial problems. The retirement program is projected to start paying out more money than it receives in 2016. Without changes, the retirement fund will be depleted in 2037, according to the Social Security trustees' annual report this year.

President Barack Obama has said he would like tackle Social Security next year, after Congress finishes work on health care, climate change and new financial regulations.

Lawmakers are preoccupied by health care, making it difficult to address other tough issues. Advocates for older people hope their efforts will get a boost in October, when the Social Security Administration officially announces that there will not be an increase in benefits next year.
"I think a lot of seniors do not know what's coming down the pike, and I believe that when they hear that, they're going to be upset," said Sen. Bernie Sanders, an independent from Vermont who is working on a proposal for one-time payments for Social Security recipients.

"It is my view that seniors are going to need help this year, and it would not be acceptable for Congress to simply turn its back," he said.

Guest


Guest
The writing is on the wall. Two years ago Obama said in a speech in Chicago that within 2 years we we must fix SS or freeze benefits. I've ben saying ever since I started posting 5 years ago that the American worker will not be willing to pay ever increasing Medicaire costs and COLA increases. No good or bad,just reality. Re-imbursements will be cut by 21% in 2010 and by 1/2 trillion in the next ten. Frankly,and this is pure opinion,I think the Obama admin has decided to cultivate the minority,youth,and disadvantaged (poor) voting blocs. They've co-opted the AARP,basically an insurance broker now, and know the AARP can be counted on NOT to raise hell, which they haven't. I'm only 61,don't use the Medicaire system, and my benefit is much more than I need,so I can afford my present sanguinity. This will change for me as it will for all of you eventually.

Guest


Guest
PS: I forgot to include that,in my opinion, the abandonment of the senior vote is why the Admin was quick to demonize elderly town meeting shouters and attribute their protests to "Republican agitation". A little education about political realities and trends would have been better than the out-right lies the admin engaged in. The liberals may have written off old people as being politically moribund,but the independant voters obviously haven't,and Obama is rapidly losing support among indys.

SSC


Admin
AARP in an interview this morning is stating their position at this time which is the plan needs to be worked on before they will throw their approval behind it. Obama has his hands full with this mess he has created.

runawayhorses


Owner
SSC wrote:AARP in an interview this morning is stating their position at this time which is the plan needs to be worked on before they will throw their approval behind it. Obama has his hands full with this mess he has created.
He created it??

gypsy


Moderator
Tyler we just got a raise in our SS and was told our Cost of living check would also be increased,I don't know where the Fox news is getting their info~

Guest


Guest
runawayhorses wrote:
SSC wrote:AARP in an interview this morning is stating their position at this time which is the plan needs to be worked on before they will throw their approval behind it. Obama has his hands full with this mess he has created.
He created it??
I interpret SSC's comment to mean that Obama allowed various groups within and without Congress to cobble together many components of a "plan" rather than introduce a plan with his name on it and that created all the confusion and vitriole. There is no doubt in my mind that the unfair insurance co. practices and senior anxiety were already in place ever since there have been insurers and old people and ready to be tapped by all sides.I remain convinced that the American people are and have been ready and willing to see that every citizen should receive adequate healthcare and are ready to finance it IF THEY CAN KEEP THE WORKING PARTS OF THE PRESENT SYSTEM.

Guest


Guest
Cost of living increase not to be factored into social security benefits
In this economic downturn seniors are feeling the pinch though with falling home values and stock portfolios. It's money they were relying on to retire with.
Posted: 6:28 PM Aug 24, 2009
Reporter: Stephanie Stang
Email Address: stephanie.stang@wndu.com

--------------------------------------------------------------------------------
Cost of living increase not to be factored into social security benefits

It is expected they will have less money to work with next year. A cost of living increase will not be factored into social security benefits for two years according to the trustees who oversee Social Security.

Although payments will be flat lined, seniors could still take a hit because healthcare costs, like Medicare, are expected to go up.

“Those costs are all rising. Prescription costs are all rising, cost of home health aides and therefore their current fixed income isn't meeting those needs,” explains Tricia Gorden from Real Services.
(This will affect me so I looked for details. I found the story on many sites but the only people who have reported it are many local news sources and FOX. Once again,FOX gets the story first among major news outlets.)

runawayhorses


Owner
Oh Ok, I guess I was thinking broadly on the topic. If Obama is responsible for all that is not working. Obviously we've had problems for years on this issue of healthcare.


I'm just interjecting some thoughts, I don't pretend to think I'm right, just adding material becuse it how I'm think at the moment,. I know you Moon, are very knowledgeable with these things (politics), I was just interjecting a simple thought, I'll do that from time to time and let myself look ridiculous, it all in fun for me, I enjoy everyone posts and don't mind being wrong.

But I'll openly admit I'm not as knowledgeable as the rest of you on politics, but what I DO know is website development, I basically and normally stick to my strengths. But I like interjecting, and learning from you all about politics. Its never been my cup of tea, I never excelled in it or impressed anyone with my polical thoughts, so I basically stick with computers, and all that goes with it. But of course I will continue to voice my somewhat un-knowledgeable comments, it makes for a well rounded discussion, me with my comments and you and others spelling out the facts. I know my place in all of this, and its internet ability and making a site work. I know my place, and take comfort in it to a degree. But I will interject regardless.

SSC


Admin
http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks

This is not a FOX article....
Read and weep.

Guest


Guest
Tyler wrote: "I know my place, and take comfort in it to a degree. But I will interject regardless." /// This simply will not do. Perhaps if you were to send me,personally, $100.00 per month (Postal MO or cashiers check,please) for 12 months, I (we) will consider it. I, I mean we, will see that SSC gets her cut. Thanks. Marc.

runawayhorses


Owner
meemoon wrote:Tyler wrote: "I know my place, and take comfort in it to a degree. But I will interject regardless." /// This simply will not do. Perhaps if you were to send me,personally, $100.00 per month (Postal MO or cashiers check,please) for 12 months, I (we) will consider it. I, I mean we, will see that SSC gets her cut. Thanks. Marc.
If I understood that I might be able come up with a reasonable response, but the fact of the matter is I didn't understand it. My failure I guess. "It will not do"? What, my honesty?

Guest


Guest
SSC wrote:http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks

This is not a FOX article....
Read and weep.
I'm waiting for the AARP's full response.

runawayhorses


Owner
I'm not going to pay a person a friggin dime, some people might, but not me.

gypsy


Moderator
no weeping here,I got an increase,an my cola check ..



Last edited by gypsy on Tue Aug 25, 2009 1:25 pm; edited 1 time in total

Guest


Guest
runawayhorses wrote:
meemoon wrote:Tyler wrote: "I know my place, and take comfort in it to a degree. But I will interject regardless." /// This simply will not do. Perhaps if you were to send me,personally, $100.00 per month (Postal MO or cashiers check,please) for 12 months, I (we) will consider it. I, I mean we, will see that SSC gets her cut. Thanks. Marc.
If I understood that I might be able come up with a reasonable response, but the fact of the matter is I didn't understand it. My failure I guess. "It will not do"? What, my honesty?
I was making a stupid joke (that, apparantly,fell flat on it's face.)

runawayhorses


Owner
meemoon wrote: I, I mean we, will see that SSC gets her cut. Thanks. Marc.
SSC gets her cut? What about MY cut?, of course forget about that. It doesn't support your agenda. You think she is more deserving than me, lol Well shes not, I have a life too, and I will get my "cut" eventually. And I'll get it with Obama's healthcare plan.

Guest


Guest
runawayhorses wrote:
meemoon wrote: I, I mean we, will see that SSC gets her cut. Thanks. Marc.
SSC gets her cut? What about MY cut?, of course forget about that. It doesn't support your agenda. You think she is more deserving than me, lol Well shes not, I have a life too, and I will get my "cut" eventually. And I'll get it with Obama's healthcare plan.
???? It was a dumb joke with no connection to anything or anyone. I will refrain,henceforward, from making any jokes.

runawayhorses


Owner
Look, everyone has a place in life, something they know about more than others, I'm just recognizing my place. That doesn't mean I will let you take over the country with your idealism, it simply means I know my place and will evaluate accordingly. If I think your wrong, I'll call you on it if I feel like debating it, but mostly I stick to page work.

Guest


Guest
runawayhorses wrote:Look, everyone has a place in life, something they know about more than others, I'm just recognizing my place. That doesn't mean I will let you take over the country with your idealism, it simply means I know my place and will evaluate accordingly. If I think your wrong, I'll call you on it if I feel like debating it, but mostly I stick to page work.
I have no intention of taking over anything.

runawayhorses


Owner
meemoon wrote:
runawayhorses wrote:
meemoon wrote: I, I mean we, will see that SSC gets her cut. Thanks. Marc.
SSC gets her cut? What about MY cut?, of course forget about that. It doesn't support your agenda. You think she is more deserving than me, lol Well shes not, I have a life too, and I will get my "cut" eventually. And I'll get it with Obama's healthcare plan.
???? It was a dumb joke with no connection to anything or anyone. I will refrain,henceforward, from making any jokes.
OK

SSC


Admin
gypsy wrote:no weeping here,I got an increase,an my cola check ..

Maybe a cost of living raise for the year 2009 that came out in Jan. Now we are talking of 2010...

SSC


Admin
My cut ???Did I win the lottery ??

runawayhorses


Owner
SSC wrote:My cut ???Did I win the lottery ??
LOL, well if you do please send me some money...lol

God knows I never win those tickets...

runawayhorses


Owner
The word "cut" I mean getting your fair-share of the profits. Meaning in this circumstance, healthcare benefits.

I've explained enough my position I think, why act like you don't know what I mean.

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 2]

Go to page : 1, 2  Next

Permissions in this forum:
You cannot reply to topics in this forum