Social Security benefit issues...
I have been receiving Social Security benefits for almost 5 year now. I paid in to this as an employee, and later as a business sole proprietor, contributing the full amount per pay check. Over the years we have heard reports about the depleting the Social Security Trust Fund; and now that the baby boomers are putting an even greater demand on these benefits. Excuse me, but have they not been contributing to Social Security all these years?
Seniors on Social Security received a 5.8% increase for 2009, but since then there have been no increases. These increases were basically a "cost of living" increase, tied to the Consumer Price Index - which has been declining, so they say. I looked it up for the Midwest region here, where it tells a different story for the Milwaukee, WI area. The Consumer Price Index Survey dated January 14, 2011 notes the sharp increase in food and energy - an item that Social Security seems to ignore.
What I don't get now is that those required to pay in to Social Security, as of January 1, 2011, now have a 2% decrease in their employee contribution. This decrease was sort of a stimulus thing tied to extending the Bush Tax Cuts for another 2 years. Guess it was OK to add another tax cut while ignoring those on Social Security - and lying to us in the process.
Addendum 1/10/11: To compound these insults, I received a letter from AARP today stating that members of President Obama's Fiscal Commission are about to recommend cuts to Social Security (click on this link and please sign the petition) as part of a plan to reduce the deficit. Social Security doesn't contribute to the deficit, and shouldn't be cut to fix it.
Seniors on Social Security received a 5.8% increase for 2009, but since then there have been no increases. These increases were basically a "cost of living" increase, tied to the Consumer Price Index - which has been declining, so they say. I looked it up for the Midwest region here, where it tells a different story for the Milwaukee, WI area. The Consumer Price Index Survey dated January 14, 2011 notes the sharp increase in food and energy - an item that Social Security seems to ignore.
What I don't get now is that those required to pay in to Social Security, as of January 1, 2011, now have a 2% decrease in their employee contribution. This decrease was sort of a stimulus thing tied to extending the Bush Tax Cuts for another 2 years. Guess it was OK to add another tax cut while ignoring those on Social Security - and lying to us in the process.
Addendum 1/10/11: To compound these insults, I received a letter from AARP today stating that members of President Obama's Fiscal Commission are about to recommend cuts to Social Security (click on this link and please sign the petition) as part of a plan to reduce the deficit. Social Security doesn't contribute to the deficit, and shouldn't be cut to fix it.
Comments
Post a Comment