A friend of IST over at “Lines by Liming” brought this to my attention….I had missed the info thanx to my day in the barrel at the doctor’s office……
It looks like the seniors of this country will once again get bent over a table…..AGAIN! (Will humiliation ever cease?)
The government says there will be no benefit increase next year for millions of Social Security recipients, disabled veterans, and federal retirees. It’s just the third time in 40 years that payments will remain flat, with all three times occurring since 2010. And there’s more bad news: The lack of a benefit increase means that many older people could face higher Medicare costs, an issue that has advocates lobbying Congress. By law, the annual cost-of-living adjustment (COLA) is based on a government measure of inflation. This inflation gauge—which measures price changes for food, housing, clothing, transportation, energy, medical care, recreation, and education—came out Thursday, and the main reason for no benefits increase next year is low gas prices. As of Wednesday, AAA said the average price of a gallon of regular gasoline was $2.30, about 90 cents less than a year ago.
The announcement will affect benefits for more than 70 million people—more than one-fifth of the nation’s population. Almost 60 million retirees, disabled workers, spouses, and children get Social Security benefits, with an average monthly Social Security payment of $1,224. The COLA also affects those who get Supplemental Security Income, the disability program for the poor. Congress enacted automatic increases for Social Security beneficiaries in 1975, when inflation was high, and since then, increases have averaged 4% a year. But in the past decade, the COLA has been that big only once. “This is going to be another blow to [people’s] retirement income,” says a rep for the Senior Citizens League. “It’s a huge amount over a lifetime.”
Since I am an old fart….this means the day when I am reduced to eating rice and cat food are just a little closer……
I refuse to blame Obama for it all…..I mean this prez that was going to like the this country economically has done a better job than the news reports would have us believe…..(in case you missed that bit of info)…….
The US government’s budget deficit fell to an eight-year low in fiscal 2015, dropping to $439 billion, the Treasury Department announced Thursday.
The cut in the finance gap — which was $1.4 trillion in 2009 — brought the deficit down to 2.5 percent of gross domestic product, the lowest level since 2007
That aside……seniors like veterans always have to pay for the stupidity of the system that “cherishes” them…….
I pray that my granddaughter will have a better government when she has to retire…..sadly if this current political climate continues…..she will be screwed…….and I have no one to thank but the stupidity of the American voter.
Take some time and say a few words for our seniors……