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(ABC7 Chicago)   Social Security COLA to be the largest in decades, stealing the spotlight from 7-11's newly launched 264-ounce Super Mega Ocean Gulp   (abc7chicago.com) divider line
    More: Repeat, Cost of living, Retirement, Social Security Administration, Pension, Joe Biden, town halls, Social Security, COLA affects household budgets  
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1723 clicks; posted to Main » on 13 Oct 2021 at 1:29 PM (8 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



103 Comments     (+0 »)
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2021-10-13 1:17:57 PM  
What is the word on the chocolate ration?
 
jbc [TotalFark]
2021-10-13 1:18:56 PM  
Fark user imageView Full Size
 
2021-10-13 1:22:07 PM  
Good. That'll cover about half of the increase in drug prices because the GQP won't allow price negotiations.
 
2021-10-13 1:22:29 PM  
The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)
 
2021-10-13 1:32:43 PM  
I am sick and tired of people changing Colas.   We just got a new one.


i.etsystatic.comView Full Size
 
2021-10-13 1:33:20 PM  

optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)


Pretty much every part of their base aside from the alt-right and the occasional young fundamentalist are already grey.
 
2021-10-13 1:37:55 PM  

optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)


Social Security COLAs are tied to the CPI Index, not really political parties (as it's the 3rd rail of politics) - so really, it just shows how bad the government is at assessing inflation. Maybe we need to rethink how we measure and report the CPI if it's undervaluing true inflation by such a large margin.

This also has the benefit of increasing minimum wage in the many states that have tied their wages to annual CPI reviews.
 
2021-10-13 1:38:38 PM  
I feel guilty about taking Social Security. I've paid into it since I was a teenager and I'm 72 years old now, but I've saved enough money in my working life to live comfortably. I guess I should give more to charity. I'm not sure I like being wealthy. I know it sounds crazy, but I do really mean it. I'm having a bad day.
 
2021-10-13 1:40:18 PM  
Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.
 
2021-10-13 1:40:28 PM  
Fark user imageView Full Size
 
2021-10-13 1:41:21 PM  
Oh. Good.  Because my rent has gone up for three years in a row, and is going up again in January.  Yay?
 
2021-10-13 1:46:01 PM  
But it'll still be illegal in New York City.
 
2021-10-13 1:47:19 PM  
Why?  The experts agree that the recent inflation is not due to increasing the money supply by 30% in 18 months, it's because of global supply chain issues.  So it should ease shortly.
 
2021-10-13 1:48:19 PM  
The person who chose the increase was named Lola, L-O ah-lay O-la!
 
2021-10-13 1:49:04 PM  

BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.


*sigh* Social Security has a dedicated funding stream. So long as 1) the US government is still printing dollars and 2) Republicans don't abolish it, SS will be paying out benefits.
 
2021-10-13 1:57:53 PM  
I've been living off this new cola for months and I don't think old people should be getting handouts as long as they keep voting for Republicans and Republican Lites

cdn.shopify.comView Full Size
 
2021-10-13 1:59:04 PM  

optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)


Cola increases are set by the inflation rate. they happen every year. they've been small because inflation is low. republicans never blocked them

Basically everything you said is complete bull
 
2021-10-13 2:01:47 PM  

moothemagiccow: I've been living off this new cola for months and I don't think old people should be getting handouts as long as they keep voting for Republicans and Republican Lites

[cdn.shopify.com image 850x850]


I just threw up in my mouth a little.

/ At the Dr. Pepper/Cream soda, not the Republican stuff
// I don't completely disagree with that part
/// I mean, you do you, I just abhor both Dr. Pepper and Cream Soda.
 
2021-10-13 2:05:53 PM  

BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.


cola is based on inflation. Wages are rising right now faster than inflation So the inflow is rising faster than inflation
 
2021-10-13 2:07:23 PM  

BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.


I've been hearing about SS running out of money for 40 years. Guess what has never happened?
 
2021-10-13 2:08:03 PM  

FLMountainMan: Why?  The experts agree that the recent inflation is not due to increasing the money supply by 30% in 18 months, it's because of global supply chain issues.  So it should ease shortly.


Unfortunately it happened too fast to approve an adjustment to the CPI calculation to show that it doesn't really exist at all.

So the COLA kicked in and now some people up high are going through be pissed.
 
2021-10-13 2:08:44 PM  
Sunday after putting new front brakes on my whip I was feeling rather thirsty so I stopped for a mega huge slurpee on the test drive. I had forgotten how flimsy the plastic cups with the dome lids are and it made a big old mess more than once before finishing it. Perhaps I should revert to my devious teenage ways of filling big gulp cups with slurpee?

/cool brainfreeze story, bro
 
2021-10-13 2:12:06 PM  

Pats_Cloth_Coat: optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)

Cola increases are set by the inflation rate. they happen every year. they've been small because inflation is low. republicans never blocked them

Basically everything you said is complete bull


You're obsessing again. Rainman. Go count some toothpicks. Republican block the COL adjustment and the way it's calculated. TECHNICALLY YOUR RIGHT. WooFArken DOO.
https://www.latimes.com/archives/la-x​p​m-2010-dec-08-la-na-seniors-20101209-s​tory.html
https://www.troutmanlaw.com/republica​n​s-propose-reform-to-social-securitys-c​ost-of-living-adjustments-formula/


COLA's design however means that current benefits, adjusted for past price increases, will always lag behind current year prices which tend to increase. Fuel and food prices have been rising substantially,
.....Some Republicans have proposed reducing COLA, claiming that the current method of calculating it overstates inflation.

Fuel and food prices have been rising substantially, but COLA calculated in 2010 does not reflect current outrageous gas prices nor could offset them. COLA response to 2011 gas prices will boost benefits starting January 2012, when gas prices will most likely increase even further. Rarely do prices of goods go down, therefore COLA will always lag behind.
 
2021-10-13 2:15:46 PM  

Yellow Beard: BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.

I've been hearing about SS running out of money for 40 years. Guess what has never happened?


True. 40 years ago I assumed SS would not be around when I retired, so I worked at saving and managing my investments.  I'll have to start tapping my IRAs in a few years, but I'll put that off as long as possible.

SS isn't much compared to my wife's income, heck it's less than her employer's health insurance contribution, but it covers utilities.
 
2021-10-13 2:16:34 PM  
c.tenor.comView Full Size
 
2021-10-13 2:20:59 PM  
how about RAISING THE F*CKING CAP WELL BEYOND THE CURRENT, RIDICULOUSLY-LOW ~$141k 

we could even lower the oasdi rate if the richest among us weren't benefiting mightily by not having to pay diddly squat of their income into the system

/yes we need to close off all their other tax avoidance loopholes too
 
2021-10-13 2:22:40 PM  

Ker_Thwap: Oh. Good.  Because my rent has gone up for three years in a row, and is going up again in January.  Yay?


Because of the way we handled the eviction moratorium, EVERYONE'S rent is going up next year. Your landlord now has a new risk that they need to factor into their pricing. Add to it nonsense shiat like block the box and your landlord now just has to assume every tenant is a shiat one and out to screw them over.
 
2021-10-13 2:23:25 PM  
oMg iT's a pOnZi sChEmE bEcAuSe i dOn'T kNoW wHaT a pOnZi sChEmE iS
 
2021-10-13 2:24:09 PM  

Yellow Beard: BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.

I've been hearing about SS running out of money for 40 years. Guess what has never happened?


Yep.  Scare tactics to get the olds concerned and voting out of fear.  Pretty sure this scare tactic crap started August 15, 1935.
 
2021-10-13 2:24:49 PM  

LineNoise: Ker_Thwap: Oh. Good.  Because my rent has gone up for three years in a row, and is going up again in January.  Yay?

Because of the way we handled the eviction moratorium, EVERYONE'S rent is going up next year. Your landlord now has a new risk that they need to factor into their pricing. Add to it nonsense shiat like block the box and your landlord now just has to assume every tenant is a shiat one and out to screw them over.


Yup. Unfortunately, risk skyrocketed this year and, like a driver who got three DUIs in the last three months, your premiums (rent) are going to rise. It's a bummer, but, man, like pay your farking bills or move the fark out. That DUI driver needs to get to work too, so, I guess he'll just have to figure out a different way when his insurance company drops him like 3rd period French.
 
2021-10-13 2:26:35 PM  

LineNoise: Ker_Thwap: Oh. Good.  Because my rent has gone up for three years in a row, and is going up again in January.  Yay?

Because of the way we handled the eviction moratorium, EVERYONE'S rent is going up next year. Your landlord now has a new risk that they need to factor into their pricing. Add to it nonsense shiat like block the box and your landlord now just has to assume every tenant is a shiat one and out to screw them over.


My landlady super values me and my tiny fixed income now, so I have that going for me.  I can't even blame her for raising the rent, she's got bills to pay too, and she owns a single property.  If she ever decides to flat out sell the house, then of course I'm boned.
 
2021-10-13 2:28:42 PM  

moothemagiccow: I've been living off this new cola for months and I don't think old people should be getting handouts as long as they keep voting for Republicans and Republican Lites

[cdn.shopify.com image 850x850]


That looks like it would go well with a spiced rum. Nothing fancy. Just some Sailor Jerry's me thinks.
 
2021-10-13 2:30:39 PM  
Don't worry, there will be an increase in the Part B premium to offset the COLA increase and we'll be right back where we started.
 
2021-10-13 2:32:49 PM  
Does this mean that the COLA  will trickle down? Asking for a rich friend.
 
2021-10-13 2:32:51 PM  
My USAF pension will also go up by 5.9%.

/Happy, happy, joy, joy.
 
2021-10-13 2:33:50 PM  

137 Is An Excellent Time: optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)

Social Security COLAs are tied to the CPI Index, not really political parties (as it's the 3rd rail of politics) - so really, it just shows how bad the government is at assessing inflation. Maybe we need to rethink how we measure and report the CPI if it's undervaluing true inflation by such a large margin.

This also has the benefit of increasing minimum wage in the many states that have tied their wages to annual CPI reviews.


And since the CPI is cooked more thoroughly and blatantly than even Trump's books, so that the donor class can keep prices rising and wages falling or stagnating while interest rates (for them, not us) remain as near zero as possible, forever...
 
2021-10-13 2:34:22 PM  

Big Merl: Don't worry, there will be an increase in the Part B premium to offset the COLA increase and we'll be right back where we started.


It's the raise the minimum wage trick. You can, but everything else gets more expensive too.
 
2021-10-13 2:35:45 PM  

gameshowhost: how about RAISING THE F*CKING CAP WELL BEYOND THE CURRENT, RIDICULOUSLY-LOW ~$141k 

we could even lower the oasdi rate if the richest among us weren't benefiting mightily by not having to pay diddly squat of their income into the system

/yes we need to close off all their other tax avoidance loopholes too


Because now you need to pay them out on it, in addition to their employers having to pay in on it.

That poses a potential problem for stuff like disability, etc payments as well, if say, someone who was making a half million bucks a year goes on full ssdi. So now you need to modify that system to account for it.

A better approach would be raising the full retirement age to something bonkers like 75 or even 80. SS was never supposed to carry the majority of people 20+ years of their life. Allow people to leave the workforce at a lower payout that scaled with it down to their mid 60s. Allow people who physically can no longer do their job to enter into it under disability until they reach full retirement age.
 
2021-10-13 2:36:14 PM  

137 Is An Excellent Time: Big Merl: Don't worry, there will be an increase in the Part B premium to offset the COLA increase and we'll be right back where we started.

It's the raise the minimum wage trick. You can, but everything else gets more expensive too.


I'll go for the popcorn. I've seen this next reel. It is about boats floating.
 
2021-10-13 2:46:40 PM  
Figure any money in your savings account is losing 5.9% of its value, and take 5.9% off of any other investment return.
 
2021-10-13 2:48:03 PM  

optikeye: Pats_Cloth_Coat: optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)

Cola increases are set by the inflation rate. they happen every year. they've been small because inflation is low. republicans never blocked them

Basically everything you said is complete bull

You're obsessing again. Rainman. Go count some toothpicks. Republican block the COL adjustment and the way it's calculated. TECHNICALLY YOUR RIGHT. WooFArken DOO.
https://www.latimes.com/archives/la-xp​m-2010-dec-08-la-na-seniors-20101209-s​tory.html
https://www.troutmanlaw.com/republican​s-propose-reform-to-social-securitys-c​ost-of-living-adjustments-formula/


COLA's design however means that current benefits, adjusted for past price increases, will always lag behind current year prices which tend to increase. Fuel and food prices have been rising substantially,
.....Some Republicans have proposed reducing COLA, claiming that the current method of calculating it overstates inflation.

Fuel and food prices have been rising substantially, but COLA calculated in 2010 does not reflect current outrageous gas prices nor could offset them. COLA response to 2011 gas prices will boost benefits starting January 2012, when gas prices will most likely increase even further. Rarely do prices of goods go down, therefore COLA will always lag behind.


"Colas hasn't happened for decades Republicans blocked"

The wall of text you posted:

"Colas every year. Uses the slower of the two widely used measures of inflation"

Keep doubling down on being wrong
 
2021-10-13 2:55:17 PM  

Pats_Cloth_Coat: optikeye: Pats_Cloth_Coat: optikeye: The real story here is that they haven't done a COLA of any significant value in Decades.

This isn't "OMG GIVEAWAY" it's finally playing catch up after decades of REPUBLICAN blocking any COLA adjustments. (they finally get wise when their 'base' gets grey)

Cola increases are set by the inflation rate. they happen every year. they've been small because inflation is low. republicans never blocked them

Basically everything you said is complete bull

You're obsessing again. Rainman. Go count some toothpicks. Republican block the COL adjustment and the way it's calculated. TECHNICALLY YOUR RIGHT. WooFArken DOO.
https://www.latimes.com/archives/la-xp​m-2010-dec-08-la-na-seniors-20101209-s​tory.html
https://www.troutmanlaw.com/republican​s-propose-reform-to-social-securitys-c​ost-of-living-adjustments-formula/


COLA's design however means that current benefits, adjusted for past price increases, will always lag behind current year prices which tend to increase. Fuel and food prices have been rising substantially,
.....Some Republicans have proposed reducing COLA, claiming that the current method of calculating it overstates inflation.

Fuel and food prices have been rising substantially, but COLA calculated in 2010 does not reflect current outrageous gas prices nor could offset them. COLA response to 2011 gas prices will boost benefits starting January 2012, when gas prices will most likely increase even further. Rarely do prices of goods go down, therefore COLA will always lag behind.

"Colas hasn't happened for decades Republicans blocked"

The wall of text you posted:

"Colas every year. Uses the slower of the two widely used measures of inflation"

Keep doubling down on being wrong


returntothe80s.files.wordpress.comView Full Size
 
2021-10-13 2:57:06 PM  

BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.


Both of my parents paid into it their whole lives and then both of them died at 62 without having taken a dime.  So, I feel no guilt in receiving it.  EABOD.
 
2021-10-13 2:58:55 PM  

Ker_Thwap: Yellow Beard: BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.

I've been hearing about SS running out of money for 40 years. Guess what has never happened?

Yep.  Scare tactics to get the olds concerned and voting out of fear.  Pretty sure this scare tactic crap started August 15, 1935.


It's not entirely incorrect though, SS will still be around but unable to pay full benefits.

https://www.aarp.org/retirement/socia​l​-security/questions-answers/how-much-l​onger-will-social-security-be-around.h​tml


According to the 2021 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2034. That's one year earlier than the trustees projected in their 2020 report.

That does not mean Social Security will no longer be around; it means the system will exhaust its cash reserves and will be able to pay out only what it takes in year-to-year in Social Security taxes. If this comes to pass, Social Security would be able to pay about 78 percent of the benefits to which retired and disabled workers are entitled
.
 
2021-10-13 2:59:59 PM  

fragMasterFlash: Sunday after putting new front brakes on my whip I was feeling rather thirsty so I stopped for a mega huge slurpee on the test drive. I had forgotten how flimsy the plastic cups with the dome lids are and it made a big old mess more than once before finishing it. Perhaps I should revert to my devious teenage ways of filling big gulp cups with slurpee?


The older solid white plastic cups were great, you could drop a can of beer or whatever into it and fill it with Slurpee.
 
2021-10-13 3:00:14 PM  
GOP: We're changing the definition of COLA adjustment to avoid costs of Gas prices and Food being a factor COL.

High...er Functiong FARKER: THE GOP ISN"T STOpIng the increase of SSI BENIFITS IT"S TIED TO COLA.
 
2021-10-13 3:00:18 PM  

LineNoise: gameshowhost: how about RAISING THE F*CKING CAP WELL BEYOND THE CURRENT, RIDICULOUSLY-LOW ~$141k 

we could even lower the oasdi rate if the richest among us weren't benefiting mightily by not having to pay diddly squat of their income into the system

/yes we need to close off all their other tax avoidance loopholes too

Because now you need to pay them out on it, in addition to their employers having to pay in on it.

That poses a potential problem for stuff like disability, etc payments as well, if say, someone who was making a half million bucks a year goes on full ssdi. So now you need to modify that system to account for it.

A better approach would be raising the full retirement age to something bonkers like 75 or even 80. SS was never supposed to carry the majority of people 20+ years of their life. Allow people to leave the workforce at a lower payout that scaled with it down to their mid 60s. Allow people who physically can no longer do their job to enter into it under disability until they reach full retirement age.


* it's a pretty simple actuarial problem
* our society kicked all but kicked pensions into the sun... 'ss was never intended to be' is moot w/o the third leg
 
2021-10-13 3:03:40 PM  

BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.


Dear bs artist: shut up. We've paid into if most of our lives, as have our employers. YOU want to steal it from us, by pulling it out of the trust fund. Every word you say is a LIE.
 
2021-10-13 3:04:44 PM  

Gleeman: Ker_Thwap: Yellow Beard: BigGrnEggGriller: Yay! Burn out SS even faster.  It's a Ponzi scheme that the Boomers drained so even though I put big bucks into it over 30 years, I'll never see a dime.

I've been hearing about SS running out of money for 40 years. Guess what has never happened?

Yep.  Scare tactics to get the olds concerned and voting out of fear.  Pretty sure this scare tactic crap started August 15, 1935.

It's not entirely incorrect though, SS will still be around but unable to pay full benefits.

https://www.aarp.org/retirement/social​-security/questions-answers/how-much-l​onger-will-social-security-be-around.h​tml


According to the 2021 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2034. That's one year earlier than the trustees projected in their 2020 report.

That does not mean Social Security will no longer be around; it means the system will exhaust its cash reserves and will be able to pay out only what it takes in year-to-year in Social Security taxes. If this comes to pass, Social Security would be able to pay about 78 percent of the benefits to which retired and disabled workers are entitled.


Of course, if you take off the limit, the wealthy, who can afford to retire, will pay the rest of us for their decades of underpaying us at work.
 
2021-10-13 3:13:11 PM  
You can fill out a form.
https://www.ssa.gov/pubs/EN-17-018.pd​f

And get a religious exemption from SSI deductions. And it's fairly easy to get a online cert saying your a member of Church of WutDeFark.

However....there's no "take backs" when you get old and feeble. Yes..I know your investments you did will safely provide a cushion for yourself well into your 90's. Just like sub prime real estate investments. You're safe there.

But...if that casio wheel of the stock market doesn't pay of
YOU GET NOTHING....NOTHING. GOOD DAY SIR. Tho there is some public housing under the interstate.
 
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