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Curtland1015 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:41 PM
Original message
Millions face shrinking Social Security payments
Yet another reason we NEED healthcare reform:

http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_soci...


I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. "To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal."

Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.

Advocates say older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation. Many also have suffered from declining home values and shrinking stock portfolios just as they are relying on those assets for income.

"For many elderly, they don't feel that inflation is low because their expenses are still going up," said David Certner, legislative policy director for AARP. "Anyone who has savings and investments has seen some serious losses."


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FLDCVADem Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:43 PM
Response to Original message
1. I don't think
that the current plan for health care reform is going to change Medicare, but I could be wrong.
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Curtland1015 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:46 PM
Response to Reply #1
2. One of the aims IS to drastically lower drug costs however...
...wouldn't that affect the chunk of income being taken out of senior's pockets?

Or am I think about this the wrong way?

(Not in meant in a snarky way... I'm really not sure!)

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bkkyosemite Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:55 PM
Response to Reply #2
5. not mine they do not cover my prescritions with medicare d
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Obamanaut Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:52 PM
Response to Original message
3. And there will be no COLA for social security recipients this year.
Edited on Sun Aug-23-09 01:01 PM by Obamanaut
Congress has said that they will not give themselves their normal end-of-year increase this year, but we'll see about that. I wonder how long I can hold my breath while watching out the window for flying pigs and getting emails from some of my old friends who are looking forward to hell freezing over.

edited to add link and a snip

<snip> The forecasts, by the Obama administration and the Congressional Budget Office, indicate that Social Security beneficiaries will not receive any cost-of-living increase in 2010 or in 2011.

http://www.nytimes.com/2009/05/03/us/politics/03benefit... <more at link>
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:52 PM
Response to Original message
4. The cost of durable goods and energy went down, but that
isn't where seniors spend their money. They spend it on services and the cost of services is going up.

I saw the statistics on this at a conference and they were stressing the point that seniors can't afford to leave their money in cash because the inflation on the things they need only go up.

Seniors don't need all the stuff that where the regular population sees falling prices. Who needs new clothes, all new appliances (they aren't new home owners after all), new cars? Not this crew. They have most everything they need.

But they still need to buy food (prices going up!) and health care (even worse inflation).
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bkkyosemite Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 12:56 PM
Response to Original message
6. Millions of Seniors do not have investments or savings they are living check by check and
even a small amount taken away could mean the difference between eating and not eating.
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Bigmack Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 01:16 PM
Response to Reply #6
7. According to Repub theory....
We all make choices in life that lead to good or bad outcomes. It's our choice.

Too bad those seniors didn't study hard and win scholarships to MIT or take a position in Dad's company, and instead chose to take a manufacturing job that later was outsourced. Or a woman who chose stay home with the kids and lose bigtime when hubby replaced her with a newer model. Bad decisions.

Now they're living with their bad decisions, and you want to FEED them, fercrissakes?

We need to get government off our backs and out of our wallets.

(Deep, dark :sarcasm: intended)

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patrice Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 01:34 PM
Response to Reply #7
8. Yep. They lose because that's "God's plan for them." Not to worry, "Jesus loves them" anyway.
They just need to accept that to be happy.
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bkkyosemite Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 11:56 PM
Response to Reply #7
9. Yea so my Republican brother thinks who just accepted Medicare LOL and keep you friggin hands off
his Medicare!
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