COLA raise of 8% good or will it merely raise inflation rate?

[RED]

The average monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $132.64 per month in early 2023, bringing the average check to about $1,790. Just another increase in Government spending, it is not going to stop inflation.

[Allen]

Covid was the beginning of stimulus money but it was WAY too much. People who lost their jobs were given extended unemployment but it was often 3x the income they had when they were working. Then came the freeze on having to pay rent and mortgage. Foreclosures were frozen. Child credit $ was given and let's not forget about all those college loan forgiveness programs.

In short, people had all this money to buy things. They weren't paying rent, mortgage loans, etc and were given money to boot.

The shelves emptied and stayed empty for big screen TV's. Used car lots emptied overnight.

With all this supply and demand going on prices increased. Plus there was skyrocketing gas price increases.

Ending all the free money would have probably been enough to reverse things and force people to return to work. Instead, % rates are increased and going to cause less buying, less production, less manufacturing which will lead to layoffs and the recession we are seeing.

Increases in SS payments is merely a reflection of inflation and being a form of more government spending it will have to increase inflation.

For the most part, it's all about buying votes no matter what destruction it does to the economy. If it throws us into a recession or depression, great, it puts us closer to the democrats goal of socialism/communism where people have to be dependent upon the government. In turn the government will control every aspect of our lives.

[Major Tom]

When I see the increase in my Social Security checks, THEN I will believe it!

[Allen]

SS funding will just run out sooner.

People paying into it now will probably never receive a cent. That's why I started collecting as soon as I turned 62.

[Vern Humphrey]

When I was in Viet Nam I had a monkey. I learned a lot from that monkey. You could give him a bite of apple, then pretend to eat the rest yourself, put it in your pocket, whatever you wanted. That was okay with him -- it was your apple and he was just glad you gave him a bite.

But if you let him take the apple in HIS hands, it was HIS apple, and you'd play hell getting it back.

That's what's wrong with Social Security -- we let the monkey get his hands on our apple.

[Allen]

Not only is it our apple, it is an apple we were forced to buy.

Welfare is the forbidden fruit of the working taxpayers. We are forced to buy it and watch the monkey eat it.

[Vern Humphrey]

Not only is it our apple, it is an apple we were forced to buy.

Welfare is the forbidden fruit of the working taxpayers. We are forced to buy it and watch the monkey eat it.

Exactly right.

When I retired from the Army, I got a job that had a 401k. I took out the max, 15%, for around 13 years. During those same 13 years, I was putting 15.3% into Social Security (7.65% FICA tax and 7.65% in the "employer's matching funds" -- which was MY money, of course. I earned it.)

Now I draw the Minimum Annual Distribution from that 401k. My MAD is equal to TWICE my Social Security AND my wife's Social Security. Imagine if I had been allowed to keep that 15.3% and invest it!!