This week the Social Security Administration announced beneficiaries will receive an 8.7% cost of living adjustment (COLA) for the year 2023. This is the largest COLA in 40 years, thanks in large part to the Biden Administration’s pro-inflation policies enacted over the last 20 months.
Seniors living on fixed incomes have been bombarded with double digit increases in food, gasoline, and household living expenses since the beginning of the Biden administration. In addition, multiple analyses have shown that both Social Security and Medicare are on the path towards imminent insolvency by this increased inflation. Below is a list of inflation rates for common products:
- 33.1% utility gas
- 30.5% eggs
- 18.2% gasoline
- 17.2% chicken
- 15.7% coffee
- 15.2% milk
- 14.7% bread
- 9.2% vegetables
A recent Social Security Trustees’ report predicted the the OASDI trust fund would become insolvent in 2034 based on a significantly lower COLA for 2023. This high Biden-flation caused COLA combined with the decreasing size of the workforce (another Biden administration accomplishment), will cause a decrease in benefits for current and future retirees sooner than expected. The current model predicts a 23% cut in benefits in about a decade, the increased expenses will likely move that date up by at least a year.
Congressional Republicans have been pushing for a bipartisan effort to ensure long-term solvency for the trust fund, however Democrats have been pushing partisan tax increases and attempts to turn the program from a poverty prevention program into a government pension. AMAC Action supports Republicans efforts to find a bipartisan solution and have proposed the Social Security Guarantee to ensure all beneficiaries receive a COLA while helping those most in need to escape poverty and extend solvency to protect all beneficiaries from receiving crippling cuts to their monthly benefit.
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No wonder they have been instituting policies like the Affordable Care Act defending gerontological research and trying to kill off the elderly, disabled, and sickly with viruses and substandard care.
Thats government, create the problem, then solve it and claim victory.
The Social Security tax rate for those who are self-employed is the full 12.4%. SSA benefits are doodly squat. Meanwhile, a friend of mine retired after 40 years of government service. He paid 9% into his retirement account. For that he received 80% of his highest (3 or 5 years?) salary in retirement. Beats the hell out of Social Security eh?
In 2023, the Social Security tax limit is $160,200.Raise the income limit and fill the coffers! Many pro athletes are paid $5 million-plus per year.
Why don’t we ever hear about the imminent insolvency of the welfare system?
Because the dems back it up with soc sec money which is why we can’t get a decent cola
What happened to Rosevelts plan never to use soc sec for anything but retirees boy how a few generations screw up soc sec
I go back to my same old comment which is we elected this administration.
Just what did we expect ? Give the dims credit. They always tell us what’s
coming. Did we hate Trump that much or am I talking to the wrong group ?
I voted for Trump in 2020 and will write him in for 2024 if necessary. Does the
country always have to be punished in order to understand the correct direction ?
Are we that shallow ?
Now that we are on the topic of quality of health care for seniors, many Medicare recipients will
acknowledge that after you leave the hospital and go to rehab, you do not go to a true rehab
center. You go to a senior nursing home where everyone waits to die. My wife, following a
knee replacement at age 66 while on Medicare Supplemental, was scheduled to be at one of
such hell-holes for 2 weeks. After 2 days we checked her out and went home. She was walking
a mile 2 days later. Meanwhile, private sector insurance will send you to a first-class, professional
rehab center where the pros work. When deciding on a Medicare policy understand this which is
only rule #255. Truly understanding Medicare is a 3 hour undergraduate course. There are
millions of traps. Find an agent who knows where the traps are.
On one hand ” have more money” On the other hand ” SS is going broke and it won’t survive.
The government wants to look like they are out to help Americans but in the end we will get screwed over by Washington they will make sure they have plenty of money for there pay checks but the rest of America will loose in the end and SS will be one that will end one day,again nothing for the American people Biden and Dems big giveaway free everything even for those that sneak over the border we need new leadership in this country.
My saviou5 is coming. Ahhh more money/ Roy Ketchner below has the right question. I myself have been collectin S S for 24 years. Great increases has been wiped out by the same figgure cost in Medicare. Govt. aint gonna give you a DAMN thing. Kyle L.
Seems to me the best way to curb the ravages of the Democrats Inflation policies is to put more of our money into our pockets by drastically decreasing taxes across the board.
TAX REVOLT
What will this cost me? I refuse to believe I am getting this raise. I do believe some type of scam is/will be used by the totalitarian tyrants, to recoup this money and more.
When you figure it up, it’s not that much in actual dollars per month for the average recipient….
OK you are getting an 8.7% increase now. Simple question how much is Medicare going to go up?
The 8.7% increase will be wiped out by the increase in Medicare so once again Seniors get virtually nothing to counteract the ravages of the Democrat Party’s inflation policies.
From what I see the medicare premium is NOT going up according to some thing I received or heard, in fact it’s going down a few dollars.
If you get S.S. 8.7% increase for seniors. 1 question, That will put you into a higher tax bracket. It will cost you more than the increase. Check the numbers.
Medicare will decrease $5.30 a month
Well, the democrat plan to kill as many of us they could with JABs and horrific hospital stays where they murdered seniors with Remdesivir did not work out well enough. Not enough seniors died to make SSA/Medicare solvent another term. I wonder what their next scheme to kill us off will be.
Maybe they will crash the economy so bad we may start dying from lack of food, essential medications and losing our homes. Seniors forced into homelessness do poorly. I would know as I was a case manager in several big city shelters during my working years.
Young people hate us and want us gone. Killing enough seniors would lift some of the burden on Medicare and free up a lot of housing for the “new citizens” flooding the border. Yes, I am cynical and distrustful.
Congress must quit kicking SSA down the road for the next administration to fix . They need to raise the FICA percent paid on wages & get rid of the wage limit when you quit paying this percent. These two items would keep Social Security solvent for many years. Plus, the Government needs to quit borrowing from this fund to hide their irresponsible spending in other areas & also start paying back what they owe this fund at current time.
I agree with the 2nd part. They started borrowing from SS decades ago when they saw the surplus in it. Our congress can’t do anything but spend, spend, spend. The first part about raising taxes: they’ll just give it away with their reckless spending. Congress has been a poor steward of the money we have worked for all these years. This present congress has been the WORST EVER!
How gullible he thinks we are Where will the money for the increase come from,increasing alms is not the answer to inflation
What is amazing, is that until my wife retired 2 years ago, I was paying additional tax on 85% of my social security payments because of her income.
8.7 per cent w inflation about 8.9? Yes a .1 per cent in reality!
Keep in mind that Biden has been in office around 2 years (seems like forever, doesn’t it). Last years COLA was around 6% and now this year 8.7%. Yes, Sleepy Joe does have inflation under control. It appears that his control is in the UPWARD spiral!!
Good article, but we must realize that the present inflation is world wide. The USA inflation would be less if Biden would stop his war on fossil fuels & promote energy production.