by MsTish J.
Member since:
August 15, 2006

Social Security Will Not Give A Cost-of-Living Increase Next year!!!!

May 03, 2009 04:20 AM EDT
views: 195 | comments: 17

For the first time in more than three decades,  recipients will not get any increase in their benefits next year.

The absence of a cost-of-living adjustment, calculated under a formula set by law, will be a shock to older Americans already hit by plummeting home values, investment losses and rising health costs. More than 50 million people receive Social Security.

"Most seniors have never been through a year in which there was no Social Security Increase!  Beneficiaries have received automatic cost-of-living adjustments every year since 1975. The increase this year was 5.8 percent. Social Security beneficiaries will not receive any cost-of-living increase in 2010 or in 2011.

WHAT WILL THEY DO NEXT?????

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Comments: 17

Melissa R May 3, 2009, 9:41am EDT
I am not counting on SS when I retire (30 yrs from now). I have a 401k and my personal savings. Hopefully that will be enough!
Texas Rocks May 3, 2009, 10:30am EDT
Fair taxation based on consumption would take care of this problem. The illegal immigrant issue is the cause of so many of our problems. Health care is being sucked dry with free services. Public programs are being diminished from so many feeding off of them and not paying into them. Social Security could be in the POSITIVE within 10 years if we inacted a consumption tax. It would also boost the middle class which runs the basis of our entire economy.

Something has to change. The systems we use and have used are not working. We must look outside the box to solve these issues.
~M
Pat V. May 3, 2009, 10:33am EDT
Yes... free public education to illegal immigrants, bail out companies that should know how to bail out themselves, give "stimulus" money to everyone they can find. Then take it away from seniors who depend on it for food and shelter. Great leadership.
John S. (arizona) May 3, 2009, 11:49am EDT
Figures... They probably gave all our increases if any to "the banks" etc. in some bailout. Makes me sick. How about bailing out us fixed income people?
Yolanda Hamby (Diaz) May 3, 2009, 12:02pm EDT
I had high hopes that Obama would turn our country around. Now, I'm sure he does not know what is going on "out here"... all these billions in bailout $$ to these thieves "running" (to the ground) companies will have us in debt for the next 2-3 generations! The easy ride for the CEOs, and those in high places have brought us here. I would have used that money, bought homes for all families who never have been able to buy homes, paid off the mortgages of those who already own homes, give free higher education to those who are willing to attend a university/college. That would have given families more $ in their pockets to spend and keep the economy going..to think that billions have been poured into the auto industry and they are bankrupt anyway, is a crying shame..think of the trillions in debt we have incurred. Who is going to pay for that?? Well, my children, grandchildren, and yours. We are living in a very crazy world; these are chaotic times..Lord, you are getting so close to reveal yourself!
By the time our kids need it, it won't be there.
Sonia M. May 3, 2009, 5:17pm EDT
As an immigrant exile I arrived in this country in 1960 and the very first thing I did was get a SS number and start working and pay into the system. I never asked for help or took any until I retired. Now the money I worked so hard for and was hoping would be there in my older years is being used to spread around for services to people who never contributed......... Talk about unfair!!! I would have been better off not paying into the system and stashing that money in an interest earning personal account :-(
Yolanda Hamby (Diaz) May 3, 2009, 5:44pm EDT
Sonia, Amen!!!!! My hard earned retirement savings/investments have gone south about 45%, so what in the heck is my retirement going to be like? We are living in very scary times!!! I've been praying a lot. God help us.
Jan S. May 3, 2009, 9:25pm EDT
I'm afraid what is next will be involuntary euthanasia. It may sound paranoid, but it is already being practiced in all european countries, except Germany. I guess old people aren't valuable enough to be worth supporting.

401k savings have no guarantee. Our retirement account is now worth less than 5% of its 2006 value. Not only is it not going to keep us fed and sheltered, the IRS is going to be wailing and gnashing its teeth trying to tax these accounts that are nothing more than huge losses. Deferred tax savings accounts were supposed to provide income for government projects. Now there will be very little to tax.
Debbie W. May 3, 2009, 9:27pm EDT
I 'd like to see them try to live on social security!
Texas Rocks May 3, 2009, 11:29pm EDT
Sonya, if we fix the tax system to a consumption tax, you will have your money. its called FAIR TAX. You can find it at fairtax.org.

By the way, thank you for doing it right and I am sorry that because of the actions of others, your hard earned money is at risk.

~M
Sonia M. May 4, 2009, 1:58am EDT
Thank you, Michael....I will go check

Sonia
M. Bradley McCauley McCauley May 5, 2009, 6:09am EDT
This is just one of more to come. I'm so disappointed in what's happening with our Government.
gaelyn k. May 7, 2009, 12:38am EDT
Well the bailout money used up the increase.
Rose T. May 7, 2009, 7:21pm EDT
Great article my friend! Thanks for submitting it to my group:

"Prescription Drugs the People's Voice" But we are looking for prescription drug testamonies. Have a great day!
Jennine D. May 8, 2009, 11:24am EDT
Oh I am sure 50 Million Senior Citizens and AARP is going to protest this loud and clear.

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