Closing Thought–20Oct20

Do you collect Social Security?

If so then you will be getting a rip-roaring 1.3% COLA for year 2021…..but not to worry your insurance will eat up most of that raise…..

The Democrats in the Congress have called the COLA “absolutely anemic”……and will try to do something about the small COLA…..

In the wake of the federal government’s announcement this week of a paltry 1.3% cost-of-living adjustment for Social Security recipients in 2021, a pair of House Democrats on Wednesday introduced legislation that would more than double the benefit increase next year as an emergency measure to help seniors cope with the devastating economic fallout of the coronavirus crisis.

“Due to the Covid-19 pandemic, seniors are facing additional financial burdens in order to stay safe,” said Rep. Peter DeFazio (D-Ore.), who unveiled the bill alongside Rep. John Larson (D-Conn.). “This absolutely anemic COLA won’t even come close to helping them afford even their everyday expenses, let alone those exacerbated by Covid-19.”

Endorsed by advocacy groups representing millions of seniors and retirees across the U.S., DeFazio and Larson’s legislation would boost Social Security’s COLA to 3% in 2021 because, as the Connecticut Democrat put it, “a 1.3% cost-of-living adjustment is just not enough during these difficult times.”

Sorry to be a Gloomy Gus but I will believe it when I see it…..we Seniors have been promised so much and given so little that I doubt any party’s claims of support.

I Read, I Write, You Know

“lego ergo scribo”

4 thoughts on “Closing Thought–20Oct20

  1. However we are most grateful for any little pittance we can get. Not to worry however because if Trump makes president, he will relieve us of the worry as he eliminates social security and medicare once and for all time.

  2. Once the economic crisis hits home in 2021, even countries like Britain will be cutting pensions and benefits. They will have Covid-19 as the perfect excuse for austerity measures.
    Best wishes, Pete.

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