No US Social Security COLA Increase For 2016

[ubonjoe]

From press release dated October 15th. http://www.ssa.gov/news/#/post/10-2015-1

Law Does Not Provide for a Social Security Cost-of-Living
Adjustment for 2016

"With consumer prices down over the past year, monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 65 million Americans will not automatically increase in 2016."

[X pat]

To me this is BS,shine man wants it all for him self. Sorry but I am a republican,and that is my assessment of him.

[Just1Voice]

This happened a couple of years ago as well. What sucked then was that the VA had the money for COLA, but SS didn't, and by law, VA can only give as much as SS.

And I agree with X pat's statement.

[Jingthing]

To me this is BS,shine man wants it all for him self. Sorry but I am a republican,and that is my assessment of him.

Shine man? Huh?

http://www.shinemanfoundation.org/

Anyway, no you're wrong, this comes from a set formula and yes gas prices are way down.

Of course I'm going to be on SS someday and will want to see COLA increases as well. I'm sure they will continue in future years.

Edited October 19, 2015 by Jingthing

[Gimino]

Annual increases or not, wait for it to be "means tested" or "income tested". Any other income/pensions will reduce your SocSec "benefit".

Not only no increase, but a reduction. Wait for it!

[Jingthing]

Annual increases or not, wait for it to be "means tested" or "income tested". Any other income/pensions will reduce your SocSec "benefit".

Not only no increase, but a reduction. Wait for it!

Maybe someday, but I don't think any time soon. That would be political suicide for either party. Social security funding is not in any kind of crisis. Any future problems can easily be fixed by raising the income cap on contributions.

Sure people under 50 now should probably be more concerned.

Now Medicare. That's another story.

Edited October 19, 2015 by Jingthing

[phuketrichard]

wont worry me,

my last years increase was only $7/month LOL

[Gimino]

Well, Jingthing, my "benefit" was recently reduced by $42.00 per month. SocSec reported that the reduction was based on my IRS tax

return reflecting the amount of my total income (retirement/pensions). I've yet to sort that out with them. As you know, the bureaucratic

wheels turn slowly. When queried, the response was essentially that they would respond in 90 days. So, it's "take a number and be seated."

"Means tested"/"Income tested", the terms are synonymous to me. Gee, I wonder if I am wealthy and don't know it.

[Searat7]

Any income based reduction was probably for Medicare ; same thing happened to me. I took SS early because I worry about reductions in future based on income

[thailand49]

Why should we? to them we got one foot in the grave. But I'm sure the politician will be sure to get their Entitlement Cola!

[Thaidream]

the reason this irritates me so much is the fact that Congress just passed a $630 Billion bill to fund the military for the next fiscal year. This amount is the highest ever and the highest in the World. How can any government justify not assisting its Senior citizens and disabled veterans and go and do something like this. I don't care what formula they are using- Congress and the President both can pass a one time increase for Social Security and VA disability if they want to. While we send our young soldiers and airmen off to fight in useless military exercises, our government is telling other members of our society to pay for it and tighten your belts. We paid into Social security for years and many of us had to tighten our belts then while the wealthy continued to avoid having to pay their fair share/ If I sound disgusted- I am. The sad part is it doesn't matter who is in power in America. They are all beholden to the military industrial complex and none of them care about the poor or middle class.

Edited October 19, 2015 by Thaidream

[JLCrab]

Due to US monetary policy or otherwise, the baht per US dollar rate is way up over the last 2 years -- way better than a SocSec fractional increase. Can't have everything.

[elgordo38]

To me this is BS,shine man wants it all for him self. Sorry but I am a republican,and that is my assessment of him.

Shine man? Huh?

http://www.shinemanfoundation.org/

Anyway, no you're wrong, this comes from a set formula and yes gas prices are way down.

Of course I'm going to be on SS someday and will want to see COLA increases as well. I'm sure they will continue in future years.

Don't count on it. Years ago we got a decent increase in COLA till they rejigged the formula. Yes gas prices are way down but what a crock of a way to make a statement as everything else including food, services car repairs, insurances, rents and health care for most are way up. Rents especially as most people cannot afford homes. The cost of living is at zero according to the government and our savings in the bank are at zero interest. We are the zero senior generation. This whole mess was orchestrated by big banks and overextended borrowers and in debt over their head governments and now we seniors must pay with our savings what a mess. Who borrows mostly from banks well of course governments that are broke and their big business buddies to buy back their own stock or their competitors. We are all a victim of the largest government swindle on the planet.

[fred Kubasa]

Largely based on lower gas prices but many, like me at 81, haven't driven indecades and I cancelled my $ 100 + a month Medicare, years ago, as it is

not valid in Thailand even though many European Health Plans are

[elgordo38]

Annual increases or not, wait for it to be "means tested" or "income tested". Any other income/pensions will reduce your SocSec "benefit".

Not only no increase, but a reduction. Wait for it!

To add to this I can foresee the day when your SS payments will cease if your living outside the country. They hate to see these benefits sent to and spent in foreign countries. They claim that SS is an entitlement not a right. They are scrounging for every buck they can lay their hands on and it will only get worse. FATCA is only the beginning.

[Jingthing]

Largely based on lower gas prices but many, like me at 81, haven't driven indecades and I cancelled my $ 100 + a month Medicare, years ago, as it is

not valid in Thailand even though many European Health Plans are

Yes, of course, but you have to realize the social security aged pension system is a socialist aspect of the U.S. government and you can't realistically expect such a program to make individual adjustments for people who don't use gas, etc. Also consider ourselves somewhat lucky in that expats are not excluded from this pension and also not excluded from COLA increases when they do occur. With due respect to an older man (than me). Cheers!

To add, to those who say it's not a socialist program (in the GOOD sense) then consider what happens to those who pay in all their lives but die before they are old enough to make a claim. Nothing for them. That's built into the program, grim as it is, and also rather unfair to minorities as statistically they do tend to die younger (as a generalization).

So yes we do pay in to be eligible, and people paying in more get higher checks, but what you get back is never going to be equal and it was never designed to be equal or totally fair.

Edited October 19, 2015 by Jingthing

[CaptHaddock]

To me this is BS,shine man wants it all for him self. Sorry but I am a republican,and that is my assessment of him.

Shine man? Huh?

http://www.shinemanfoundation.org/

Anyway, no you're wrong, this comes from a set formula and yes gas prices are way down.

Of course I'm going to be on SS someday and will want to see COLA increases as well. I'm sure they will continue in future years.

Don't count on it. Years ago we got a decent increase in COLA till they rejigged the formula. Yes gas prices are way down but what a crock of a way to make a statement as everything else including food, services car repairs, insurances, rents and health care for most are way up. Rents especially as most people cannot afford homes. The cost of living is at zero according to the government and our savings in the bank are at zero interest. We are the zero senior generation. This whole mess was orchestrated by big banks and overextended borrowers and in debt over their head governments and now we seniors must pay with our savings what a mess. Who borrows mostly from banks well of course governments that are broke and their big business buddies to buy back their own stock or their competitors. We are all a victim of the largest government swindle on the planet.

Which governments borrow from banks? Not the US govt nor any state govt. The financial crisis of 2008 arose from an excess of private, not government, debt.

[chuckd]

It is interesting to note that since 1975 SS has seen a COLA increase for every year except three.

Those three years were beginning on January 1st of 2010, 2011 and now 2016.

Remind me again, which party has had control of the White House during each of those three years.

History shown here: https://www.ssa.gov/news/cola/automatic-cola.htm

[Jingthing]

OK, Chuck, but without FDR, DEMOCRAT, arguably we wouldn't even have social security in the first place. So maybe don't be so petty about missed COLAs.

FDR also favored real universal health care. What a shame he couldn't have made that happen too.

Edited October 19, 2015 by Jingthing

[Thaidream]

There is no way the US government can justify how they treat the most vulnerable in our society. Had they come out and said that they are reducing their defense budget because it can no longer be justified from a fiscal viewpoint and also not pay a Cola to Seniors and disable Veterans- I might be able to buy into this scenario. What they are doing is securing their relationship with huge defense contractors and the powerful military defense industry so these entities can continue to provide campaign money to keep the politicians in power. However, they are doing it off the backs of the elderly and disabled. How much more reprehensible can it be?

[elgordo38]

To me this is BS,shine man wants it all for him self. Sorry but I am a republican,and that is my assessment of him.

Shine man? Huh?

http://www.shinemanfoundation.org/

Anyway, no you're wrong, this comes from a set formula and yes gas prices are way down.

Of course I'm going to be on SS someday and will want to see COLA increases as well. I'm sure they will continue in future years.

Don't count on it. Years ago we got a decent increase in COLA till they rejigged the formula. Yes gas prices are way down but what a crock of a way to make a statement as everything else including food, services car repairs, insurances, rents and health care for most are way up. Rents especially as most people cannot afford homes. The cost of living is at zero according to the government and our savings in the bank are at zero interest. We are the zero senior generation. This whole mess was orchestrated by big banks and overextended borrowers and in debt over their head governments and now we seniors must pay with our savings what a mess. Who borrows mostly from banks well of course governments that are broke and their big business buddies to buy back their own stock or their competitors. We are all a victim of the largest government swindle on the planet.

Which governments borrow from banks? Not the US govt nor any state govt. The financial crisis of 2008 arose from an excess of private, not government, debt.

The US government borrows from the central bank called THE FED. And who pray tell bailed out the excess of so called private debt? Yes you got it right you the taxpayer. Last I looked Lehman brothers and the rest that received government sorry taxpayer handouts were banks private or otherwise.

[Thaidream]

This is indeed true- and also the Us government borrows from the rest of the World through US bonds. Much of this debt is held by China, Japan and other countries. This is the real threat to our national security- not a bunch of zealots in Afghanistan, Iraq and Syria. Why do you think Norway and Switzerland are so wealthy? One reason is they are not trying to be the Worlds policeman and spending their citizens money on overseas adventures. Bring the troops home. Stop supporting crooked bankers and politicians and start taking care of the American people.

[chuckd]

OK, Chuck, but without FDR, DEMOCRAT, arguably we wouldn't even have social security in the first place. So maybe don't be so petty about missed COLAs.

FDR also favored real universal health care. What a shame he couldn't have made that happen too.

Had FDR and the Democrats had some foresight, they would have set up something like the following three Texas counties set up for their employees. It was an "opt out" plan that has since been discontinued.

-------------------------------------------------------------------

MAY 12, 2011

How Three Texas Counties Created Personal Social Security Accounts and Prospered

Merrill Matthews ,CONTRIBUTOR

Across the country, state and local governments are facing huge unfunded liabilities for their employee pension plans. And then there’s Social Security.

But three neighboring Texas counties, which opted out of Social Security 30 years ago by creating personal retirement accounts, have avoided a fiscal train wreck while providing retirees with even more retirement income.

Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.”

Interesting article continues here: http://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/

[Tonawatchee]

To me this is BS,shine man wants it all for him self. Sorry but I am a republican,and that is my assessment of him.

Shine man? Huh?

http://www.shinemanfoundation.org/

Anyway, no you're wrong, this comes from a set formula and yes gas prices are way down.

Of course I'm going to be on SS someday and will want to see COLA increases as well. I'm sure they will continue in future years.

I'll just have to eat more khaw phat.

[chuckd]

This is indeed true- and also the Us government borrows from the rest of the World through US bonds. Much of this debt is held by China, Japan and other countries. This is the real threat to our national security- not a bunch of zealots in Afghanistan, Iraq and Syria. Why do you think Norway and Switzerland are so wealthy? One reason is they are not trying to be the Worlds policeman and spending their citizens money on overseas adventures. Bring the troops home. Stop supporting crooked bankers and politicians and start taking care of the American people.

The largest foreign holder of US debt is China at $1.712 Trillion as of June 2015.

Japan was second with $1.197 Trillion.

However, the largest holder of US debt isn't a foreign entity or government at all.

The largest debt holder is the Social Security Trust Fund and Federal Disability Insurance Trust Fund with the grand sum of $2.783 Trillion.

http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt.htm

[sgtsabai]

As long as the US doesn't go broke, and it won't, the trust fund is a hell of a lot more secure than any 401 private type fund. Ahem, remember the crash that occurred during the Cheney/Bush regime? More right wing propaganda from that peter dude, oh sorry Peterson dude. The cap needs to be raised, make the rich pay their fair share, for a change. No increase in COLA (CPI-W) means I take a double hit along with thousands/millions others. Anybody that claims inflation is down for seniors is an out and out liar. It will be even worse if the pricks get away with changing it to chained CPI. While it is mostly the repugthug, oops Republicans behind this, many bought and sold Democrats are also, witness the "catfood commission" a couple of years ago. COLA needs to be changed to CPI-E. Easy explaination: http://www.huffingtonpost.com/nancy-altman/chained-cpi-supporters-be_b_4115762.html . Make no doubt about it, there has long been a campaign to privatize SS, starting as soon as FDR got it going. The rich and the Republicans hate it. After all, it helps people and they aren't in that business. Just as in their efforts to privatize the VA, see Koch (John Birch Society) traitor brothers, Wall Street, the banksters and their servants in what passes for Congress these days want to steal all our money. One other thing, for most, not all Medicare premiums will not increase, the info is out there. It doesn't matter to us over here anyway, all the money we paid into it we can't use because one foot over the border and Medicare is null and void.

[mpyre]

the reason this irritates me so much is the fact that Congress just passed a $630 Billion bill to fund the military for the next fiscal year. This amount is the highest ever and the highest in the World. How can any government justify not assisting its Senior citizens and disabled veterans and go and do something like this. I don't care what formula they are using- Congress and the President both can pass a one time increase for Social Security and VA disability if they want to. While we send our young soldiers and airmen off to fight in useless military exercises, our government is telling other members of our society to pay for it and tighten your belts. We paid into Social security for years and many of us had to tighten our belts then while the wealthy continued to avoid having to pay their fair share/ If I sound disgusted- I am. The sad part is it doesn't matter who is in power in America. They are all beholden to the military industrial complex and none of them care about the poor or middle class.

The USA spends 10x more on the military than the next biggest spenders (Russia and China, each about $50 billion) and more than the next 20 governments combined. Playing global police/imperial ambitions doesn't come cheap.

[ggt]

President Obama is proposing a 1.3 percent pay raise for federal employees in his fiscal 2016 budget, released Feb. 2.

http://www.federaltimes.com/story/government/management/budget/2015/02/02/federal-pay-raise/22735231/

The CBO study shows that federal employees earned an average 16% more in total compensation, meaning pay and benefits, versus workers at private companies. (CBO - Congressional Budget Office)

http://www.foxbusiness.com/politics/2012/01/31/government-workers-earns-more-than-private-sector/

It pays...handsomely...to become a government chair warmer in the US...

[Pib]

This happened a couple of years ago as well. What sucked then was that the VA had the money for COLA, but SS didn't, and by law, VA can only give as much as SS.

And I agree with X pat's statement.

The VA don't print it's own money....the benefits they provided are based on laws/budgets passed by Congress and signed into law by the Prez. And the VA definitely don't have money to spare...they need a lot more to take care of veterans. Yes, VA benefits such as the Disability Rate is tied to the COLA law...no COLA increase...no VA Disability rate increase. Same for military retirement pension increases, civil service retirement pension increases, etc. Laws which have been in place for a long time.

[Pib]

the reason this irritates me so much is the fact that Congress just passed a $630 Billion bill to fund the military for the next fiscal year. This amount is the highest ever and the highest in the World. How can any government justify not assisting its Senior citizens and disabled veterans and go and do something like this. I don't care what formula they are using- Congress and the President both can pass a one time increase for Social Security and VA disability if they want to. While we send our young soldiers and airmen off to fight in useless military exercises, our government is telling other members of our society to pay for it and tighten your belts. We paid into Social security for years and many of us had to tighten our belts then while the wealthy continued to avoid having to pay their fair share/ If I sound disgusted- I am. The sad part is it doesn't matter who is in power in America. They are all beholden to the military industrial complex and none of them care about the poor or middle class.

The USA spends 10x more on the military than the next biggest spenders (Russia and China, each about $50 billion) and more than the next 20 governments combined. Playing global police/imperial ambitions doesn't come cheap.

Yea, paying for a major portion of the protection of Europe, Japan, etc., comes at a price....a price which places like Europe, Japan, etc., are not willing to fully pay...they only pay for a portion of the cost to maintain forces in those areas. Nothing like having some one else pay for your defense.