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Discussion Starter · #1 ·
Social Security Payments to Shrink for First Time in a Generation - Political News - FOXNews.com

Can this really be true? Michael

In case the link dies:

FoxNews said:
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.
 

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I read that there will be no COLA at the end of this year :cry:........who knows what the future holds :mad:
 

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Come on folks... you know our Dear Leader needs our support. Missing a COLA for a year or twelve really isn't that much of a burden in order to assist Dear Leader in his quest to socialize every aspect of our lives. And, you have to admit, Brazil really needed that $2 billion Dear Leader is giving them so they can prospect for oil offshore. (Oh, that's right... we are forbidden to prospect off our own shores. Oh well, Dear Leader knows best, doesn't he?)
 

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Come on folks... you know our Dear Leader needs our support. Missing a COLA for a year or twelve really isn't that much of a burden in order to assist Dear Leader in his quest to socialize every aspect of our lives. And, you have to admit, Brazil really needed that $2 billion Dear Leader is giving them so they can prospect for oil offshore. (Oh, that's right... we are forbidden to prospect off our own shores. Oh well, Dear Leader knows best, doesn't he?)
:congrat: thanx for the rightthink, Jez, I needed that laugh, uh oh they're coming to take me away heehee :ignore:
 

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Since it is a COLA (cost of living allowance) (it's tied to the inflation rate), and there is negative inflation, then there is not a need for a COLA, right?

I really don't feel too sorry about it, as right I had to take a 30% paycut to KEEP my job.

Just sayin'
 

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Not to worry the Dear Leader is sending out $250 checks to all Social Security recipents, regradless of whether they are poor or filthy stinking rich. I'm sure he wasn't trying to buy votes ;-) Also $250 to all the disabled verterans some of whom have very slight disabilities, I work with a guy who does the same job, yet he'll be getting his second $250 check because he had knee injury 20 years ago; you'd never know it to see walk around.
Will he think about voting democratic next election? mmm, maybe.
 

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O is surely going to alienate the seniors. They vote. He is setting his party up for a drubbing in the off year elections.
 

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They can take that and, well crap i can't realy say i reckon. They them don't give a big hairy rats (eye ball) what we want, they are gona stuff this crap down our throat's because we is only the stupid masses, we is to dum to know what we want, they will tell us. Ya reckon. I'll tell ya what they can take this commist crap and... Sunshine wonderfull sunshine.. see i didn't go there, but i is there. Ya reckon.
 

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If any of you think that Social Security will be around at all 20 years from now, you best rush out for some KoolAid, I recommend the Blue.

Never should have existed, Demon Roosevelt should have been impaled on the mall.

The ultimate example of using the taxpayers dollar to buy votes
Sam
 

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Get real used to living without it folks. SS is going away, or will be paid in a fixed benefit in inflated dollars that will make it totally worthless.
It's going the way of the Dodo, along with govt. pensions that were earned too.
And the Govt. medical care that they lied to you vets about too.

Sam
 

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Well i never how dare ya accuse our fine elected bests of buying votes. :rolleyes: I think sam is 100% it's not gona last. If left alone and not raided it might have been fine, a little dip into the pot here and there and what should have been left alone will or already has melted away to nothing. It's our fault's folk's we let it happen. We the people are the very one that fell asleep at the wheel for what 50 year's or was it longer. I to have been guilty of this i just hope more of us wake up from this soon to be nightmare.
 

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Discussion Starter · #13 ·
Let's add to the government agenda. For all of you on Medicare, check and see if your doctor will be accepting Medicare in the future. On March 1, 2010 Medicare could see a 21+% reduction in doctors payment. Because of the insurance costs for malpractice many doctors have formed corporation or groups. Will your doctor be taking Medicare after March 1, 2010?

Normally the government does this each year and now many doctors are calling it enough. Check this out to make sure it is true. Check the Mayo Clinic in, I believe, Arizona. My doctor says nothing has been done to stop the 21+% decrease in the amount that doctors are paid. If your doctor refuses to take Medicare and you worked and played by the rules only to have the rules change, what do you do? Check this out before you reply. Call and talk to your Senator/Representative and ask them if this is true. Michael
 

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What you people don't understand is that not only are we missing the Cola for this year but for ever.......and also the % what we would be gettin in the future on the Cola that we didn't get this year.
 

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Sorry to tell you this but people on Social Security and Disability DID NOT get a COLA this year. I don't know where that 5.8% went to, but it did not go to those on Social Security. A letter went out saying that because there was no increase in the inflation rate there would be no COLA this year. I get SS but I also have a retirement plan. While not getting an increase in the SS Amount of my check, I did suffer a lose of income because the cost of medicare insurance went up, along with my private medical insurance payments. While not getting a COLA did not hurt me it has affected those who are at the bottom of the payment level. And like others I am not depending on SS being around much longer.
 

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I have absolutely no confidence that social security will be there when I'm eligible for benefits. I'm 57 now, and mostly worried about the talk of the government taking our 401k's and putting them in some kind of pool or annuity. it's just another way to take your money. There is also talk of not letting people get their money when they want or need it. In an emergency, which could mean anything, the SEC will cease withdrawels from everyones 401k. They will shut down everything. Again, just another way to grab your money.

Also , in any national emergency, the banks will close up for a while, and you won't be able to get any money to pay bills or anything. The government did it before, they will do it again. I get such a hoot out of these people who say, "oh that can't happen".

The Feds in Washington are thumbing their nose at the American people, and congress everyday. Americans don't really stand a chance.

Everyone needs to wise up, and realize the social security, like every other program in our government is broke. How long the charade will last is anyone's guess. I don't think things can keeep going as they are much longer. Most everyone is looking around at each other, and shaking their heads in disbelief, and asking each other , "does the government really expect us to buy that crap"? How anyone could say we are in a recovery, and loook around and see how plainly visible the economic misery is, is beyond me.

At the first sign of trouble with social security, there could be a mad rush to cash out 401ks. Then the fun willl start. The rest of this year will prove very telling for what's to come.
 

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Discussion Starter · #17 ·
Social Security

At the risk of making a lot of people mad, here goes. How much money would Social Security have if the government did not take out I.O.U.'s at the end of the year or when ever they steal it? How much money would be in the Medicare system if Medicaid, for the most part, Welfare), was not paid out of it? When a political body tells me that to deduct from Medicaid would be political suicide, then I wonder if we have more workers or non workers (those who have not paid into any system and don't plan to).

In time it will be too late for our great country. I'm grateful that so many young Americans have chosen to help our country by going into the military. I'm very proud of each and every one of them. Michael
 

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social security

I believe there would be enough money to fund social security if our government wasn't so involved with things they have no constitutional authority to be doing in the first place.

Hard questions need to be asked. How many wars are we fighting just to push an agenda that is at best questionable.? How many troops does it take, at the astronomical cost we are paying, to kill a few thousands ******** *************.?? How much money would we save, if we just started closing up military bases far and wide, and just concentrated on protecting our nation itself?? How much money could we save if we stopped giving all this foreign aid to countries that don't even like us?

My whole point is, there are billions out there to be saved, that would at least get us started back in the right direction, that would enable the governemnt to keep social security solvent, and pay for other needed things. But as we will soon find out, you can't have it all.

My other line of thinking is that our leaders don't really care anyway. They just do what their puppet masters tell them. The government wants us broke and begging. That's the way they get to initiate the rest of their agenda. I could be dead wrong, but after a while, things sure seem obviious to me.

I don't think anyone really believes they will be able to get the benefits they are entitled to for the rest of their lives. I certainly don't. I think our leaders will drag out any decision to be made for as long as they can. I believe we will see more veteran legislators retire before election time, as they already know what's coming, and it won't be pleasant being under the gun, having to answer why to so many tough questions.

what do you think??
 
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