This week the Social Security Administration announced beneficiaries will receive an 8.7% cost of living adjustment (COLA) for the year 2023. This is the largest COLA in 40 years, thanks in large part to the Biden Administration’s pro-inflation policies enacted over the last 20 months.
Seniors living on fixed incomes have been bombarded with double digit increases in food, gasoline, and household living expenses since the beginning of the Biden administration. In addition, multiple analyses have shown that both Social Security and Medicare are on the path towards imminent insolvency by this increased inflation. Below is a list of inflation rates for common products:
- 33.1% utility gas
- 30.5% eggs
- 18.2% gasoline
- 17.2% chicken
- 15.7% coffee
- 15.2% milk
- 14.7% bread
- 9.2% vegetables
A recent Social Security Trustees’ report predicted the the OASDI trust fund would become insolvent in 2034 based on a significantly lower COLA for 2023. This high Biden-flation caused COLA combined with the decreasing size of the workforce (another Biden administration accomplishment), will cause a decrease in benefits for current and future retirees sooner than expected. The current model predicts a 23% cut in benefits in about a decade, the increased expenses will likely move that date up by at least a year.
Congressional Republicans have been pushing for a bipartisan effort to ensure long-term solvency for the trust fund, however Democrats have been pushing partisan tax increases and attempts to turn the program from a poverty prevention program into a government pension. AMAC Action supports Republicans efforts to find a bipartisan solution and have proposed the Social Security Guarantee to ensure all beneficiaries receive a COLA while helping those most in need to escape poverty and extend solvency to protect all beneficiaries from receiving crippling cuts to their monthly benefit.
Social Security turned government run ponzi scheme could have been sustainable if the contributors were the only recipients. Magnanimous politicians and bureaucrats has doomed it to failure. Increasing social security payments by printing worthless money seems inflationary in itself.
Medicare costs? Just the basics, Part A & B went up to $170.00 per month from the last COLA, effectively taking a HUGE bite out of it for me personally…Instead of putting food on the table or fuel in the tank for heat, I pay a considerable amount just for basic Medicare insurance coverage, no add on supplemental policies, can’t afford it…
I’d like to see members of Congress on Medicare, not the Gold Std. Cadillac policies they currently enjoy, compliments of we the taxpayer…
Bill… :~)
Way to go young voters. Us SS recipients will get a raise, you will pay for it, and it will run out before you can collect. That works for me, fools. You wanted this, you got it. Elections have consequences. Life is about to get alot harder for everyone. The raise will not offset costs of everything, but I will take it. Dems own this.
Want to make SS solvent? Get illegal aliens ( the traditional definition not the scifi definition) off of it. Come in illegally YOU DESERVE NOTHING but a swift kick out of here.
I noticed they don’t comment on the insurance that will increase wiping out the increase. Like last years increase.
I wish the government retirement system would be put in with Social Security. Also, these bigwigs in our government need to pay more into the program. Get rid of the IRS and have flat rates for all levels with no deductions, except children.
Just so you know. Bidens policies scare most seniors. Cutting social security will be devastating! Find a way to fix this. We paid into social security all our working lives. Then government uses it for their special programs. Pay it back!! He is giving the raise so he can get votes for his party. We appreciate the money but it isn’t for us. It is for the Democrats. They should be ashamed!
Their main purpose is to destroy thisCountry.
Just because this is going up for the cost of living how much are they going to jack up the medical to eat it away that seems to go hand in hand
I have personally watched for near 50 years the Denocratic Party incrementally moving toward Socialist Tyranny. They long ago robbed from SSA to pay for their Leftist ideals and blocked attempts to separate SSA from general funds. The Democratic Party today is No Longer, they are now the Socialist Leftist Democrat Politician Party working hard to break our nation in every way possible. This time give them the Green light to implement martial law and complete the transition to Totalitarian Rule. Americans understand that freedom lost is rarely regained. Patriots, be they Conservatives, Republicans, Independents, or Moderate Democrats must come together and vote all these Socialist Leftist out of our We The People Government. We are not Socialist, we ate not Communist. We are meant to be the Freest, Strongest, Most Prosperous nation on the planet. I urge all voters to research, discuss, think, pray, and vote for Conservatism and Christian Revival to save our nation.
You have to work . The government cannot be trusted.
The people should know that we the people have to pay that money back. They bankrupted SS and now they want to add more gasoline to the fire they created??? They cause problems and resolve nothing! They use their big mouths to blow out hot air and create diversions while they run away with everything we have. They all need to go.
If your kids or grandkids vote for any Democrate this November, cut him, her or them out of your will! Make sure they understand that if they don’t get rid of everyone of the Democrates in office now, you won’t have enough left to leave them anything anyway! See if they understand that truth!
The government will raise the cost of our Plan A
They are supposed to lower it from $170.10 to $164.90 according to Centers for Medicare and Medicaid Services.
8.7% COLA rise sure looks a solid indication that Inflation is having a negative effect on purchasing power of Medicare recipients. Then again Biden doesn’t rely on Medicare does he? This is exactly why all elected, appointed or hired Government personnel should “Only” get Social Security and Medicare whenever they retire. Then and only then will the system be fixed and be fair to all recipients.
President Cabbage Brain must go
This is too much to take!They can fund Planned Parenthood, but NOT Social Security? Interesting.
With DICTATOR Beijing biden giving ALL OUR MONEY to FOREIGNERS, mainly his Communist buddies and Corrupt buddies.
AMERICANS get a Whole extra $100/month which equals to a Whole extra $3.00 a day.
Name One Thing of Gasoline/Diesel, Food, Clothing, Medicine or basically anything else for $3.00 extra a day?
Answer: NOTHING.
WHY? INFLATION KEEPS GOING UP.
If COLA were an extra $5,000 a month then that would come close to matching current INFLATION.
But NOT for INCREASING INFLATION
NEXT YEAR.
The 8.7% COLA increase is a JOKE and INSULT.
When is the current formula going to be corrected instead of having January 6 WITCH HUNT showboating WASTING Tax Payers Money and ILLEGALLY and UNCONSTITUTIONALLY hold people and mistreating them on trumped up charges?
Since the CPI is not based on ALL items, whatever raise we get will not compensate for Bidenflation. Plus, they will raise the Medicare premium as well.
Careful, now. We recipients don’t want to get pushed up into a higher tax rate.
If all elected and appointed officials, including congress and executive branch were placed under social security and Medicare and term limits applied, both programs would be fine lined to the cost of living.
The Dem’s and the GOP need to return all the money they “borrowed” from Soc. Sec. out of their own bank accounts.
Here is something that everyone needs to understand, the cost-of-living adjustment only covers what you have allready spent, it does nothing to cover what you are about to spend, all the increased cost of goods and services over the past year is lost.
Here is the problem, the average cost of living over the past year has gone up $3400 and, in the future, you will spend at least another $3400, so unless you double the amount of increase the first the $3400 will be lost forever.
I think that’s clear!
Good article, but we must realize that the present inflation is world wide. The USA inflation would be less if Biden would stop his war on fossil fuels & promote energy production.
Keep in mind that Biden has been in office around 2 years (seems like forever, doesn’t it). Last years COLA was around 6% and now this year 8.7%. Yes, Sleepy Joe does have inflation under control. It appears that his control is in the UPWARD spiral!!
8.7 per cent w inflation about 8.9? Yes a .1 per cent in reality!
What is amazing, is that until my wife retired 2 years ago, I was paying additional tax on 85% of my social security payments because of her income.
How gullible he thinks we are Where will the money for the increase come from,increasing alms is not the answer to inflation
Congress must quit kicking SSA down the road for the next administration to fix . They need to raise the FICA percent paid on wages & get rid of the wage limit when you quit paying this percent. These two items would keep Social Security solvent for many years. Plus, the Government needs to quit borrowing from this fund to hide their irresponsible spending in other areas & also start paying back what they owe this fund at current time.
Well, the democrat plan to kill as many of us they could with JABs and horrific hospital stays where they murdered seniors with Remdesivir did not work out well enough. Not enough seniors died to make SSA/Medicare solvent another term. I wonder what their next scheme to kill us off will be.
Maybe they will crash the economy so bad we may start dying from lack of food, essential medications and losing our homes. Seniors forced into homelessness do poorly. I would know as I was a case manager in several big city shelters during my working years.
Young people hate us and want us gone. Killing enough seniors would lift some of the burden on Medicare and free up a lot of housing for the “new citizens” flooding the border. Yes, I am cynical and distrustful.
OK you are getting an 8.7% increase now. Simple question how much is Medicare going to go up?
What will this cost me? I refuse to believe I am getting this raise. I do believe some type of scam is/will be used by the totalitarian tyrants, to recoup this money and more.
Seems to me the best way to curb the ravages of the Democrats Inflation policies is to put more of our money into our pockets by drastically decreasing taxes across the board.
My saviou5 is coming. Ahhh more money/ Roy Ketchner below has the right question. I myself have been collectin S S for 24 years. Great increases has been wiped out by the same figgure cost in Medicare. Govt. aint gonna give you a DAMN thing. Kyle L.
The government wants to look like they are out to help Americans but in the end we will get screwed over by Washington they will make sure they have plenty of money for there pay checks but the rest of America will loose in the end and SS will be one that will end one day,again nothing for the American people Biden and Dems big giveaway free everything even for those that sneak over the border we need new leadership in this country.
On one hand ” have more money” On the other hand ” SS is going broke and it won’t survive.
Now that we are on the topic of quality of health care for seniors, many Medicare recipients will
acknowledge that after you leave the hospital and go to rehab, you do not go to a true rehab
center. You go to a senior nursing home where everyone waits to die. My wife, following a
knee replacement at age 66 while on Medicare Supplemental, was scheduled to be at one of
such hell-holes for 2 weeks. After 2 days we checked her out and went home. She was walking
a mile 2 days later. Meanwhile, private sector insurance will send you to a first-class, professional
rehab center where the pros work. When deciding on a Medicare policy understand this which is
only rule #255. Truly understanding Medicare is a 3 hour undergraduate course. There are
millions of traps. Find an agent who knows where the traps are.
I go back to my same old comment which is we elected this administration.
Just what did we expect ? Give the dims credit. They always tell us what’s
coming. Did we hate Trump that much or am I talking to the wrong group ?
I voted for Trump in 2020 and will write him in for 2024 if necessary. Does the
country always have to be punished in order to understand the correct direction ?
Are we that shallow ?
Why don’t we ever hear about the imminent insolvency of the welfare system?
In 2023, the Social Security tax limit is $160,200.Raise the income limit and fill the coffers! Many pro athletes are paid $5 million-plus per year.
The Social Security tax rate for those who are self-employed is the full 12.4%. SSA benefits are doodly squat. Meanwhile, a friend of mine retired after 40 years of government service. He paid 9% into his retirement account. For that he received 80% of his highest (3 or 5 years?) salary in retirement. Beats the hell out of Social Security eh?
Thats government, create the problem, then solve it and claim victory.
No wonder they have been instituting policies like the Affordable Care Act defending gerontological research and trying to kill off the elderly, disabled, and sickly with viruses and substandard care.