Good news for retirees living on Social Security payments...

[Redpossum]

fair share: noun
definition: forcing somebody to pay more into Social Security than they'll ever get back so I can get more from Social Security than I paid in.

(argument warning detector beeps rapidly)

 

[Agribotics]

I've been an expat in Asia too long and my sense of entitlement has atrophied because there's so little of it here. To be "fair" though that may be why Taiwan with almost no natural resources is an economic powerhouse while Argentina with far greater natural resources is a perennial economic basket case.

 

[Caribbean Cool]

8.7 %

 

[Rich One]

8.7 %

The highest COLA 8.7 % in Forty years. Brings de average SSI payment increase to $140 per month. (Good for a steak dinner for 2 in Manhattan ?).

Social Security Benefits Increase in 2023 | SSA

Approximately 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, Social Security benefits will…

blog.ssa.gov

 

[gracielle]

13 October 2022

2023 Social Security COLA Highest Since 1981

Social Security and SSI recipients will receive an 8.7% COLA increase in 2023 worth $146 per month on average. Record-setting inflation in 2022 is responsible for the largest COLA increase since 1981.

www.investopedia.com

 

[PatriotsFan]

Lets hope that there is no turmoil after the mid term elections! There is BS talk of trying to get rid of the "Entitlement Programs".

 

[Agribotics]

So who's going to pay for this windfall now that FICA and SECA (aka "Social Security taxes") are no longer taking in enough to pay for all the outgoing payments to Social Security recipients? This year alone the shortfall is 112 billion dollars, which has to be paid from general tax revenue and borrowing.

According to the Social Security Trustees, who oversee the program and report on its financial condition, program costs are expected to exceed non-interest income from 2010 onward.

 

[sts7049]

the printing machine will pay for it

 

[Agribotics]

the printing machine will pay for it

The current inflation tax we're paying now to pay back all that "free" Covid stimulus money should disabuse anyone of the belief that printing machines pay for anything.

 

[Cordoba]

What they have needed to do for some time is eliminate the cap....let the fortunate pay on their FULL income the same way the less fortunate do do.....since the SCOTUS has declared corporations to be people, perhaps they should consider paying their fair share as well.......fair is fair.

Fair is fair. I'm sure corporations would be happy to pay in their fair share to be able to collect when they reach full retirement age at 67. The oldest US one still in existence today is only 409 years young.