The 2012 Social Security Trustees Annual Report projects a 2013 COLA of between 1.6 and 2.0 percent. The actual percentage will be determined once the third quarter 2012 CPI-W is known and compared with the 2011 base number for the 3rd quarter 2011.
We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
QUINNSCOMMENTARY 
Don’t blame Bush. The Democrates had control of the house and the Senate for the last two years of the Bush presidency. Aslo, It was a democrate who unlocked the SS trust box and put it in the General Funds for the politians to spend at will. What a joke. Put it back in a lock box and stop paying the people who never put in one cent. That would be to bold for party to do.
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Right on.
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Perhaps those who would buttress the Social Security System might rethink their attitude toward immigration. The number of children born in the U.S. has plunged 8 percent since its all-time high in 2007, and population growth is at its slowest growth rate since the Great Depression, according to government data. As the population declines so do the employees needed to fund Social Security. There is also a change needed in the “social” conscience (emotional sensitivity) when talking about who receives benefits. Social Security might have been a more sound system if it paid only people who actually worked. Since its inception it has slowly but continually added beneficiaries and lowered the requirements to qualify for benefits. As of December 2011, 15 percent of beneficiaries were disabled workers (about 8 million Americans draw SSDI benefits, averaging $1,066 monthly); 9 percent were dependents of workers and 11 percent were survivors including 1.9 million children who get an average of $750 monthly until they graduate from high school or age out.
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When the inflation comes, it’s going to come is with the relentless force of the ocean. All the current federal and state spending will force it, and we might experience what Europe experienced after the first world war.
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I don’t know if we will see the hyper-inflation of post WWI Europe but I agree that when inflation comes it will be rapid, as in a tipping point model where that last grain of wheat into the unstable hopper spills the whole lot. Then the FED will try to play catch-up to try and stem the tide but find itself always a step behind.
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repwal the social security windfall provision before the nov elections
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I have gotten the message….. A good older American is a dead older American…… I am feeling this in the doctor’s office at the grocery store…. So much pressure and stress is put on the retirees now…. this causes illness……. We the people….. does that include retirees? 😦
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A person works all their life knowing some day they will stop work and retire, knowing Social Security will place a small part of their income, knowing they will live on a nearly fixed income for 20 or 30 years. Why is the state of retirement a surprise?
Dick
Richard D Quinn Editor Quinnscommentary.com
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Here’s my thought. If Bush would have not stolen the S. S. money that was there his first year in office and had put it in several places paying interest, instead of fostering a war that has cost us not only money with no oil, but thousands of lives we would not be quite as bad off as we are right now.
Jw
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Better rethink that. Bush or any president had no ability to do that. The law sets how Social Security is funded Furthermore, the treasury bonds do pay interest. That’s not the problem.
The problem is that incoming taxes are insufficient to pay promised benefits. Two few taxpayers to fund the promised benefits of a rapidly growing number of beneficiaries.
Besides that, where would the money be placed to earn that interest without risk of loss?
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You’ve got that right. We don’t matter any more. The first thing the President and Congress wants to cut is Medicare and Social Security. Why not cut their raises and some of their Federal Medical benefits, and see how they would feel. The put the stress all on those who are most vulnerable. We worry about what will happen when one of us dies, and our Social Security is cut. That’s a sad state of affairs!
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What about young families struggling to make ends meet, save for their retirement and children’s education?
Why are older citizens who had a lifetime to prepare for old age entitled to a greater portion of national wealth?
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THEY NEED THERE WAGES CUT ,REAL BAD BECAUSE THEY DO NOT DO ANYTHING BUT DISAGREE ABOUT EVERYTHING, WHILE WE SEAT OUT HERE AND STARVE. HOPEING FOR AT LEAST ENOUGH COLA TO BUY BREAD AND A GALLON OF GAS
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100% agree with BJ, feel the same way….retirees have earned plan A, paid plans B and D, so why we have this problem….money paid to the system it’s not enough for 80% costs of hospital, give me a break.. if this is true who is to blame ….old people of course!
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2011 my SS check was ….$1238. today it is $1183…….. what is wrong with this picture? I qualify for NO entitlements…… NONE……ZILCH…….. I repeat what is wrong with this picture?….. I was told by a DHS employee to stop payng credit cards and other bills and definitely NO TV Service !!!!! Hmmmmm I will tell the judge this when I am sued…..:( My hubby and I worked hard thinking and being told thar we were investing in our retirement years……… now I am told that Soc Sec is an entitlement? Who is crazy here?…….
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While you were working hard all those years you and your employer were paying for the Social Security benefits being received by the people collecting then. Look at the total of your contributions for all your working years and you will see you receive back all that you paid in the form of your benefit in seven years or so. Thereafter somebody else is paying your benefit.
Why did your benefit go down? There was a cost of living increase in 2012 and a very small increase in the Medicare premium. Something else is going on you did not mention.
Dick
Richard D Quinn Editor Quinnscommentary.com
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Then Social Security is a Ponzi scheme!!
John
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Sorry, rdquinn, your thinking is flawed. If a person put the money that was deducted into investments, they would have more than enough. Do you really think all we should get back is what we paid in? That’s not how it works. A person works all their life–invested properly by the S.W. Admin. it would last much longer than 7 years. You don’t just get back what you paid in. For ex. would you expect your bank to give you back only the amount you deposited? Don’t you expect interest?
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If a person put in their contribution in investments they would very likely not have enough to live on, create an annual COLA plus survivor benefits. And even if they used the employer contribution there would not be enough. If that were the case, SS would not have a problem. Social Security is a legal Ponzi Scheme which only provides the promised benefits because of incoming contributions from those not collecting a benefit. Granted one should expect interest, but in this case the interest comes in the form of additional deficits for the upcoming generation. The benefit is guaranteed regardless of current interest rates, federal spending, deficits, recessions or anything else that impacts normal investments.
To equal the maximum benefit today including the spouses benefit you would need about $750,000 and that does not account for COLAs.
Actually, with today’s interest rates, my bank is giving me back what I put in.
Dick
Richard D Quinn Editor
Visit these blogs:
Quinnscommentary.com
Health Insurance Illuminated http://blog.horizonblue.com/
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HEY if the money was invested right instead of paying our budget guy you would have 30 to 40 years of your money put in for you not seven
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Redquinn Yes your employer did pay in also that was part of YOUR contributions,if you saw that big number on your pay check you would die.And that was your money.Out of the ones that was paying Social Security only 52 percent live to make it to 62.And 12-14 percent more die before 79.Where in the hell is the money for the ones that passed on. Set down ;the Government has stole 40 trillion dollars of your money out of SS .Yes Trillion not Billion. They had to start paying that back in July of 2011 by law,each July.Why do you think they started printing money 2 weeks ago.They have been using your SS to pay for welfare over the yrs;make the call to Washington DC and find out first hand.
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