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Tue Dec 18, 2012, 07:02 AM

Regarding the new COLA cuts in Social Security proposed by Obama

I'm not going to get too upset about it. Just got my COLA notice for the upcoming year. After accounting for the raise in my Medicare premium, I will realize exactly $3.00 a month more! Guess I can go to McDonald's once a month now.

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Arrow 7 replies Author Time Post
Reply Regarding the new COLA cuts in Social Security proposed by Obama (Original post)
jehop61 Dec 2012 OP
KeepItReal Dec 2012 #1
monmouth3 Dec 2012 #2
Cobalt Violet Dec 2012 #3
JHB Dec 2012 #4
33Greeper Dec 2012 #5
eridani Dec 2012 #6
edhopper Dec 2012 #7

Response to jehop61 (Original post)

Tue Dec 18, 2012, 07:06 AM

1. Explain to me how Social Security contributes to the deficit

I'll wait...


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Response to jehop61 (Original post)

Tue Dec 18, 2012, 07:06 AM

2. Yeah, that's the ticket. I'm with you, I received a whole $17 more a month so of course COLA should

be cut but instead of $250,000 and up getting a tax hike, it's now going to be $400,000.... I'm rather disgusted, middle-class now into genteel poverty is the way to go I guess. This sucks..

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Response to jehop61 (Original post)

Tue Dec 18, 2012, 07:24 AM

3. Glad you got yours.

Those of us whom will be starting in 10 years won't be as lucky.

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Response to jehop61 (Original post)

Tue Dec 18, 2012, 07:33 AM

4. How nice for you. As for me, being 20 years away from it...

...I'm probably much more concerned of the cumulative effects of the point shaving than you seem to be.

Albert Einstein is said to have once quipped that compound interest was the most powerful force in the universe. Switching to the chained CPI is compound interest in reverse. Call it compound theft.

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Response to jehop61 (Original post)

Tue Dec 18, 2012, 08:47 AM

5. Chained CPI....

Lobster => Steak => Chicken => Beans & Rice => Cat Food => Dirt Cakes

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Response to 33Greeper (Reply #5)

Tue Dec 18, 2012, 09:10 AM

6. Best explanation I've seen yet n/t

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Response to jehop61 (Original post)

Tue Dec 18, 2012, 09:44 AM

7. I'll explain uit to you

over the long term, as increases get smaller and smaller, those starting Social Security a decade or two down the road will be getting a smaller income than they will need to support themselves. SS will not keep pace with inflation. So needs like food, shelter and medical will not be met.
And since incomes have been stagnant for years, saving more for retirement is harder and harder. Many will only have SS.
It's not about you.

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