Projected to be about 3%
https://money.usnews.com/money/reti...ll-the-social-security-cola-raise-be-for-2024
https://money.usnews.com/money/reti...ll-the-social-security-cola-raise-be-for-2024
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Social Security COLA
- Thread starter Salty
- Start date
DaveXR650
Well-Known Member
Yes. This is how the government is going to claim that they have honored all their promises to Social Security recipients. You will always get your promised amount. It just won't buy anything. No one, Democrat or Republican, has any plan to fix this. There is no way the workers can pay enough to keep it going in a meaningful way. As they figure out that they will get nothing they will become if anything less willing to pay into it.
KenH
Well-Known Member
There was lots of talk about securing Social Security well into the future back around 2005, but the Congress, since they like to kick the can down the road so that the members won't be held accountable by the voters for a bill they may not like, did nothing. Now, we are almost 20 years down the road and the U.S. Congress still hasn't done anything to secure Social Security well into the future, even though, instead of having 30 years lead time, they now are down to around 10 years.
KenH
Well-Known Member
From Salty's link:
"The Social Security Administration uses the percentage changes of the consumer price index during the third quarter from one year to the next when calculating the upcoming COLA.
The consumer price index for June 2023 came in at 3%, according to the U.S. Bureau of Labor Statistics. The rate indicates that, on average, the items indexed rose in price by 3% during the previous 12 months. It was the smallest increase since the period ending in March 2021. Overall inflation in 2023 has been lower than in 2022, which saw 40-year highs such as 9.1% in June of that year.
“The declining inflation rate informs most economists’ predictions that the 2024 COLA will fall between 2.7% to 3%,” says Krieg Tidemann, assistant professor of economics at Niagara University. The Senior Citizens League has estimated the COLA could be 3% for 2024."
"The Social Security Administration uses the percentage changes of the consumer price index during the third quarter from one year to the next when calculating the upcoming COLA.
The consumer price index for June 2023 came in at 3%, according to the U.S. Bureau of Labor Statistics. The rate indicates that, on average, the items indexed rose in price by 3% during the previous 12 months. It was the smallest increase since the period ending in March 2021. Overall inflation in 2023 has been lower than in 2022, which saw 40-year highs such as 9.1% in June of that year.
“The declining inflation rate informs most economists’ predictions that the 2024 COLA will fall between 2.7% to 3%,” says Krieg Tidemann, assistant professor of economics at Niagara University. The Senior Citizens League has estimated the COLA could be 3% for 2024."
Do not be fooled by redefining word meanings. Inflation cannot go down. When you have a flat tire, the cause is deflation. When we inflate something, whether by a little or a lot, the direction is always INCREASE. For example say the cumulative affect of the "dereasing" rate of inflation means the prices are higher than when the rate was higher. It only goes up. Inflation is not going down.
Rather than saying the inflation rate is less than last year, say the government is increasing its stealing of your wealth even more!
Rather than saying the inflation rate is less than last year, say the government is increasing its stealing of your wealth even more!
I am not sure 2 or 3 percent inflation is a good thing. But I am sure, inflation steals my savings, and has destroyed countries.
We had high inflation under Mr. Carter, and it took years for Mr. Reagan and his team to bring it back under control. Then we went about 40 years with repetitively low inflation until the voters informed by the media gave us Mr. Bribe-O-nomics.
Folks, the godless left has hoisted endless false charges against Mr. Trump because instead of destroying America, he wants to make America great again.
KenH
Well-Known Member
Did President Trump sign the spending into law? YEP!
You said that before
BUT do you agree that Congress also passed it?
(and the same goes for Biden)
KenH
Well-Known Member
Truly, neither President Donald Trump nor President Joe Biden is a President Grover Cleveland.
KenH
Well-Known Member
President Grover Cleveland did not need the "crutch" of a line item veto to veto bills.