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COLA
Started by puddycat at 2009/09/05 11:53AMLatest post: 2009/09/06 07:59AM, Views: 112, Replies: 11
puddycat |
I am asking if anybody knows of any reliable links to access regarding the reasoning for no Social Security COLA increase for retirees in 2010 or longer. |
shorty1943 |
Quote puddycat: I am asking if anybody knows of any reliable links to access regarding the reasoning for no Social Security COLA increase for retirees in 2010 or longer. I am not completely ignorant of all the facts, so I could certainly use some other input as to whether this is a DEFINITE now, or what. I know they don't usually calculate the percentages until September, so don't undertand how this could be a FACT now. Needless to say - - a little confused here. Thanks.  puddy, I read it myself several months ago and I am pretty sure it was in one of the things I get each month from AARP..it said for the first time in X number of years no COL incease for 2010..............I have searched all over for it but have not found it. My son also said he heard it on the radio a while back. Makes me so angry when I mess up on keeping something that important or that I cannot remember the facts that I read about it. But it must be a done deal....will see what I can find on the subject and get back with you on it.... |
Re: COLA
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puddycat |
Quote shorty1943: Quote puddycat: I am asking if anybody knows of any reliable links to access regarding the reasoning for no Social Security COLA increase for retirees in 2010 or longer. I am not completely ignorant of all the facts, so I could certainly use some other input as to whether this is a DEFINITE now, or what. I know they don't usually calculate the percentages until September, so don't undertand how this could be a FACT now. Needless to say - - a little confused here. Thanks. puddy, I read it myself several months ago and I am pretty sure it was in one of the things I get each month from AARP..it said for the first time in X number of years no COL incease for 2010..............I have searched all over for it but have not found it. My son also said he heard it on the radio a while back. Makes me so angry when I mess up on keeping something that important or that I cannot remember the facts that I read about it. But it must be a done deal....will see what I can find on the subject and get back with you on it.... Don't worry about looking it up - - I know it is a done deal - - at least I think it is. I just keep hoping I "dreamt" it! I am so angry, but do not know who to be angry at - - but guess anger isn't going to help now. I worked my a== off for over 40 years - - starting working at 18, and now I have to sit back and try to live on $1034 a month. Worked part-time for a little while until this economy went down. Hard enough to get a job when you are young - - try it when you are over 60! The lady across the street from me lost her job. She is 45 years old. She is getting $400 or more, from unemployment, which equals about $1,600 a month and is whining about it. She is sitting on her butt not even looking for a job and reporting to Unemployment that she is looking. She will continue to draw that check until she uses it all. She did not cut down on the things I have had to cut down on - -cable, cell phone, shopping (haven't been to Publix in over 3 months, just shopping at the low rate stores), etc., etc. Gotta stop here - - just getting so angry - - a sure sign of immaturity on my part here - - but had to vent!  Is this really possible that they can treat "senior" like this? 
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foreverYnR |
Quote puddycat: I am asking if anybody knows of any reliable links to access regarding the reasoning for no Social Security COLA increase for retirees in 2010 or longer. I am not completely ignorant of all the facts, so I could certainly use some other input as to whether this is a DEFINITE now, or what. I know they don't usually calculate the percentages until September, so don't undertand how this could be a FACT now. Needless to say - - a little confused here. Thanks. This is what I found: For the first time in more than three decades Social Security recipients will not receive a benefit increase, formally known as a cost of living adjustment (COLA), in 2010, federal forecasts show and The New York Times reports. COLA is determined by a formula set by federal law, and it roughly parallels the consumer price index, though the two formulas are not identical. Senior citizens can get a ballpark estimate of their likely annual benefit increase from the consumer price index's rise. Once cost increases reach a certain level, or threshold, the COLA is triggered for Social Security. The fiscal 2009 increase was 5.9 percent, and there's been a Social Security COLA every year since 1975. No inflation, no COLA However, both the Obama administration and the Congressional Budget Office (pdf) are forecasting that Social Security beneficiaries will not receive any cost of living adjustments in fiscal 2010 or 2011. The reason? The pronounced recession in the United States, which has created pricing pressure -- not pricing power -- for businesses. Pricing power is so weak for firms that the Federal Reserve believes the nation is more likely to experience a bout of deflation -- not inflation -- at least through mid-2010, and perhaps for a longer period. Deflation -- a protracted, systematic decline in prices and wages -- occurs in pronounced recessions and in other conditions during which demand is nonexistent, and it robs companies of the ability to increase revenue and hurts the economy's ability to grow. If it takes hold, that's another hurdle policymakers will have to grapple with as they attempt to end the U.S. and global recessions. The lack of a COLA adjustment would represent a net-gain in revenue for the Social Security operation, although there will be some subtractions to revenue, due to the fact that Medicare Part B premium increases are linked to Social Security's COLA and cannot rise more than the COLA. Hence, if there is no COLA, the Part B premium can not increase. However, the lack of a benefit would also feed fewer dollars into the U.S. economy at a time when it needs all the demand pressure it can get, due to a smaller workforce stemming from layoffs and belt-tightening across the nation, senior citizens included. |
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puddycat |
Thanks, foreverYnR I saw some of that on another site - - in other words - - "they" don't care if we just wither up and die. We have done our duty to society and the U.S. all these years, no longer needed, no longer working (forget all the FICA taxes yanked out of our many, many paychecks) - - so, guess it is time to call in Doctor Kevorkian! |
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shorty1943 |
I had read a while back and my son also just told me, that since we had gotten a big increase last year, that would be it for two years. He heard that was one thing that the last administration did before it left and that was to give us a big increase and now they are saying since we got 2.? percent in Jan. that we will not get anymore for two years...................now I ask you is that a fair deal?? we all worked and payed it in and now that it is our time to take it out someone is saying we cannot....angers me more than I can say. I am like you puddy, live off of that and my barely there retirement and need every cent that I can get....oh well, we can at least know that we probably helped some big GM or Citibank or any other number of big wigs have a good bonus!!! Does that make you feel any better.......me neither....hope you used coupons on your trip to the store and it saved you some money cause you are going to need it in order to eat for the next two years... |
Sealprincess |
Puddy just wanted to say hi and I love your new avatar. It's showing Jack and Zappato now |
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puddycat |
Quote Sealprincess: Puddy just wanted to say hi and I love your new avatar. It's showing Jack and Zappato now  Hey Seal! Haven't seen you for a while and was wondering where you were - - Pop over to the Y&R Buddies thread - - some really great people there to talk with - - with no stress - - no mess! And your little baby white seal is still on your avi - - congats for that! 
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puddycat |
Quote shorty1943: I had read a while back and my son also just told me, that since we had gotten a big increase last year, that would be it for two years. He heard that was one thing that the last administration did before it left and that was to give us a big increase and now they are saying since we got 2.? percent in Jan. that we will not get anymore for two years...................now I ask you is that a fair deal?? we all worked and payed it in and now that it is our time to take it out someone is saying we cannot....angers me more than I can say. I am like you puddy, live off of that and my barely there retirement and need every cent that I can get....oh well, we can at least know that we probably helped some big GM or Citibank or any other number of big wigs have a good bonus!!! Does that make you feel any better.......me neither....hope you used coupons on your trip to the store and it saved you some money cause you are going to need it in order to eat for the next two years... I totally agree - - remember the old saying that retirement is your "Golden Years"? Ahhhh Haaaa Haaaa! I lost so much with my 401 K, don't even want to talk about it, but - - you are right, we got a HUGE increase last year - - think it was 2.5% - - yeah it gave me about $5 more, I think. Anyway, yes - - I did take coupons to the store today, but soon will not be able to get coupons, b/c I may have to cancel my Sunday Only newspaper delivery - - that has gone up $5.00 in the last 6 months! Ain't it fun? Just about the only thing I haven't given up is the internet, b/c when I get a few jobs at home, once in a blue moon, I need the internet! Okay - - still trying to locate Dr. Kevorkian (Dr. Death) to see if he can help!!! 
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Oreo123 |
Retirees are not the only ones hurting. Jobs are scarce for the young and old. Just 2 years ago the Sunday NY Times had 20+ pages - an entire section - of jobs in every area. Today there is half a page in the business section with no more than 20 jobs!!! If the economy doesn't pick up the new generation of workers won't even have an opportunity to pay into SSI and never have a chance to retire! Sad state for all. |
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shorty1943 |
Good morning, puddy and all you nice posters: |
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Oreo123 |
Quote shorty1943: Good morning, puddy and all you nice posters: This is the old giveth and taketh away goodie. I read a lot on it last night, it was a 5.8% increase last year!! Now it is also saying that the fact that there will be no increase this year, it will affect Medicare part B....amazing how it messes with so many things. Thank goodness for that big increase this year, but it will be spread mighty thin before 2012...and who is to say we will get our increase then? Right now we know 2010 and 2011 are out!! Our newspaper was from San Antonia and they stopped delievery out to the rural areas just over a year ago, thus no more coupons for us..hopefully the big boys will see what a hardship it will put on the seniors and change their minds...........there is some of the change we heard so much about.....bet that is one change that does NOT happen.... Oreo123, excellent point about there not being any jobs, all I hear on the news is how great the economy is getting, everything is looking up.....maybe they need to get out in the real world and then decide if it is getting that much better. I am almost 67, worked hard all my life, now I am able to live off of what I bring in, but my two kids that are late 30's early 40's will not be so lucky...hope things start looking up soon for everyones sake!! So I fully understand your saying that no jobs..no paying in...no taking out!!!Love your avi,is that a border collie? I have had border collies all my life, while I am dogless right now, certainly plan on another one soon...............oh wait might not be able to afford dog food if we do not get our increase...............just messes everything up doesn't it?? Everyone have a fun labor day weekend!! Yep..that's OREO my Border Collie!!!!! |
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