Pandering, misleading, short-sighted, fiscally irresponsible politicians in action.
House lawmakers are proposing emergency legislation to increase the 2021 Social Security cost-of-living adjustment to 3%. The move comes just days after the Social Security Administration announced that the COLA for 2021 would be 1.3%. “Due to the COVID-19 pandemic, seniors are facing additional financial burdens in order to stay safe,” said Rep. Peter DeFazio, D-Ore., in a statement on Thursday. “This absolutely anemic COLA won’t even come close to helping them afford even their everyday expenses, let alone those exacerbated by COVID-19.”
Source: Emergency Bill Would Raise 2021 Social Security COLA to 3% | ThinkAdvisor
During the peak of the pandemic, most of our expenses went down, not up. Even routine health care was postponed. No eating out, no movies or theater, less driving, zero travel, no shopping, not even going to museums or any low cost activities. And most retirees didn’t lose their job.
Sure, some goods saw prices increase, but a lot of that was unavailable anyway.
What is the the emergency? Did something change? I been retired for 3 years. I am not on social security. I have no expectations of ever getting a COLA raise in my pensions. I knew this when I retired and planned my retirement on this fact. My retirement plan was planned for something that may or may not happen. I also do not expect to get 100% of my social security when I am eligible to collect 9 years from now. I wouldn’t worry about a COLA. I would worry that Congress have failed to do anything to fix funding Social Security that will result in at least a 20% reduction by 2034 or as soon as 2023 due to covid.
“Let them eat cake” GOP senators will nix this just as they have nixed a second round of $1200 stimulus checks to all American adults
The COLA of 3% would be less than a second stimulus check (in my case) if we are not included getting the second stimulus with the increase in the COLA. I have not heard whether that is what the House is thinking, hopefully we will receive both as the COLA would increase our base for whatever COLA we might receive in 2022. The House can’t even submit the second Stimulus payment according to the Town House meeting last evening with President Trump. He will sign it as soon as they send it however, according to him, they are holding it up. 3% would be fair if they only raise Medicare what is proposed to $148.50 (for most) and don’t raise it along with the percentage of the COLA any higher. It seems like every year we receive a COLA Medicare goes up higher which I thought was going to be addressed, however, have not heard anything about that increase being reduced. from $1700 approx a year, plus co pays for Specialists and medications. and dental It would be nice if one or both of them were presented to the President so we would have an idea if we could live a little more comfortable or not!!