Today the news came through that chained CPI is off the table for the current round of fiscal negotiations between the Democrats and Republicans. Some news sources claimed the Republicans removed their demand for chained CPI which likely means the Democrats successfully refused to move forward on the Republicans demand to cut Social Security. The tell is the Republicans are moving Social Security “Reform” into the debt ceiling negotiations.
I’m celebrating this morning, the last day of 2012, by making an egg omelet filled with jumbo Shrimp and Horseradish sauce, served with a toasted Wheat pita and a cup of black coffee. YUM!
The balance of the jumbo Shrimp will be served during the first moments of 2013.
Any cuts to Social Security are theft from the people who have earned and paid for these benefits over their entire working life. By paying extra into the system since 1983, we have built up a $2.7 TRILLION surplus. This is enough to cover any shortfalls for decades to come.
Delaying retirement age by an additional year is stealing an average of $15,000 from each future retiree.
Reducing the cost-of-living adjustments is stealing a similar amount over the average retiree’s lifespan.
We’ve already paid more in SS taxes. We’ve already suffered increasing the retirement age. Now don’t take Our Money away again.
This is the WE THE PEOPLE petition at whitehouse.gov. You will need to create an account to sign the petition. It’s very easy to do.
Today I was notified of two financial changes that matter to me and many Americans.
1. Social Security is enabling a 1.7% cost of living increase starting 2013.
2. Medicare payments are increasing by 4% starting 2013.
This means those Americans who get only Social Security will have 2.3% less money in 2013 than 2012. While I’m grateful for a 1.7% COLA I’ve worked hard and paid into the tax system. Now I see the wild inflation of Medical costs driving up medical insurance premiums that diminish everyones Social Security benefits. This trend is going in the wrong direction and it needs to be reversed now.
Here’s how: pass a federal law that fixes a two percent buffer for Social Security COLA against corresponding Medicare increases. Another way of saying it is Medicare increases can be not more that two percent of the corresponding years Social Security COLA.
Example: SS COLA is 1.7%, Medicare increase is 0%.
Example: SS COLA is 3.5%, Medicare increase is up to 1.5%.
Example: SS COLA is 2.3%, Medicare increase is up to .3%.