It’s kinda the point. You can’t buy a candy bar for five cents, nor can you live decently on a 3 percent raise in SS. Have a friend that gets about 950 bucks a month on SSD. A three percent raise would be less than thirty dollars. Not enough to make up for the rise in food and medicine costs.
A ten percent raise, and I would not scoff. A three percent raise reminds me of Obama’s support of a minimum wage of ten dollars an hour, that to be phased in over several years. Democrats do not think big.
The average SS payment today is about $1,400 per month or about $16,800 per year.
COLA increases of 3% vs 1.3% compounded over 10 years would mean about $18,000 more paid to the average SS recipient over that time period (an average of $1,800 more per year). It would mean about $88,000 more paid over 20 years (an average of $4,400 more per year) and about $246,000 more over 30 (an average of $8,200 more per year).
The difference between 1.3% and 3% may seem small but due to the “miracle” of compounding, it is actually quite significant over time.
Are we supposed to jump for joy and consider 3% a robust increase rather than the insult to seniors it is?
Seriously, we never hear anything positive about seniors as a thriving part of our society.
Speak for yourself. Retirees aren’t the only recipients of SS. As someone who receives SSDI, I can tell you a $31 COLA instead of $13 will pay my yearly rent increase that’s upcoming. But neither number will bring me above the federal poverty level. That’s the real issue here. Too many of us who rely solely on SS or SSDI wonder how these so called Christians can call themselves pro life when so many of their fellow Americans are slowly dying. Not from old age or even because of their disability but from being neglected and abused, by those who have the power to dramatically raise payments to a level that would allow us to live with dignity.
The government giveth and takes away. Most times the COLA relief is immediately nulled by an annual increase in Part B Medicare fee.
In practical terms, a three percent increase means nothing. The forty or fifty dollar per month increase on SS income is immediately spent on necessities. These people, for the most part, are poor. It does not matter that money compounded over ten years amounts to a sizable sum–the important thing is having enough money on a month to month basis to pay the rent.
Bump it up to begin with and then also compound it at the higher rate. That is what Bernie proposed and I think what Biden is now proposing.
No billionaire has ever been a “job creator.” You’re thinking about the working class producers who have always created all of the jobs and have always done all of the work. The only thing the wealthy class billionaire takers do is steal the wealth, health and prosperity of the working class producers and the planet as well.
We do not have overpopulation. We have squandering of resources.
Seriously, your ageist bigotry is tiring.
If there were no seniors, there would be no society, thriving or otherwise.
The multi-generational oligarchy thanks you for deflecting attention away from the fact that they are the destroyers of a thriving society.
Get a grip dear, take an extended tour of our nations long-term care facilities. Don’t forget your hazmat suit.
I have a grip, dear. Take your own trollish advice.
I don’t know what your problem is but you definitely have one. If you don’t like my posts don’t read them. Honestly, I don’t read most of yours.
You continue to attack me personally with trollish comments. The problem is YOU!
no worries, consider this my last post to you. sorry for the troubles.
I was, indeed, speaking for myself (no one else), and referring to Social Security retirement benefits, not to SSDI; so thanks for bringing that to the discussion.
And that is a real problem, and part of why I wrote that this proposal might well be seen as electioneering. Some crumbs offered. Retirees, did, after all, largely vote for Trump last time around.
But as you point out, it isn’t going to be nearly enough for those in greatest need.
In any case, I’m for a fair, livable income for everyone. Given how much is squandered on euphemistically-called “defense” spending… just how massive a % of U.S. spending that is, with a change of priorities we could well afford to ensure that all citizens have access to basic necessities… including affordable housing and health care.
No, we also have overpopulation.
The evidence is the extinction of other species due to habitat colonization by humans, repeated famines where population increases have obliterated the cushion provided by Borlaug’s research, and the fact that there is no place on Earth that is not inhabited by humans if it is even marginally habitable.
The extinction and famines are caused by inefficient living and the continued use of fossil fuels.
- Lol -