Those on Social Security have received automatic COLA adjustments in the SS payments since 1975. Next year, for the first time, there will be no COLA adjustment. Although the gross payments will not decrease, Medicare costs, which are paid for by the recipient, are due to go up resulting in a net loss.
When I fight against the Socialization of America, I often am hit with “Medicare & Social Security are socialist programs”. Well, they are! We were not given the option of keeping that money to invest it privately. I would be very comfortable in giving up those programs as long as those who paid into it ~without any choice~ were given the money that they put into it, any deceased spouses put into it, their employers’ matching funds and the interest they would have made had they been able to invest the money from the beginning. Those in the work force now, need to be phased out, with the option to invest in their own private retirement plan. This could easily have been done with the money wasted in the failed massive bailouts of the past year.
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Obviously, the truth about no COLA for what seems as the next two years, is not really being told. Because of extremely high unemployment, there is a lot less going into the fund and the funding for the program has jumped about six years from the future. Also, there is no such thing as 'zero' or "negative" inflation, as the excuse given. As a resident of NY, I can tell you there are about two hundred increased or new taxes/fees that were thrown at us from Albany. This alone is an increase in the cost of living. I. also, don't notice lower prices on anything.....
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