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Thursday, July 25, 2024

Social Security recipients will get first benefit raise in three years


After two years with no benefit increases because the federal government claimed the cost of living had not gone up, America’s 55 million Social Security recipients will get their first cost of living raise since 2009.

The Social Security Administration will make it official Wednesday — a 3.6 percent increase to monthly checks.

Senior Citizens activists say the increase is long overdue.

“The federal government lied to retirees for two years with their claims that the cost of living had not gone up in this country,” Shirley Messing, who runs a senior advocacy group in Washington, told Capitol Hill Blue. “Anyone who has had to buy food or pay for utilities know that the costs kept going up.”

David Certner, legislative policy director for the American Association of Retired Persons (AARP) says too many retirees rely on their monthly social security checks for most of their income.

“Every dollar makes a difference to these folks,” Certner says.

But the good news is tempered by Medicare premiums, which are expected to also increase in January — the same month the cost of living increase goes into effect.

“The government giveth and the government taketh away,” says Messing. “You can’t win.”

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4 thoughts on “Social Security recipients will get first benefit raise in three years”

  1. Carl:

    >>I thought SS was broke?<<

    No, it isn't; this is simply a political scare tactic. It operated in the black until the spring of last year, and even now has more than enough in reserve to cover the shortfall–a shortfall that wouldn't exist except that politicians of the R and D stripes both like to use it as a petty cash drawer. If they'd leave it alone, it would be just fine.

    What it boils down to is that generally when a politician yells about needing SS cuts, it's because they want that much more money to play around with.

    • Thanks Danny Adams for you input.

      I was aware that SS was in fairly good shape until last year when it redeemed the first of its Treasury based IOU’s to the tune of 28 billion dollars. This year the redemption will be to the order of $130 billion.

      My second paragraph was written for “impact” with me alluding to the SS system being broke so folks pay attention to what I write. It’s not literary hubris on my part, but simply my style of writing. Sorry to give you the impression I was oblivious to SS non-problem as long as the budgeteers continue to live up to their U.S. Treasury obligations. : )

      Carl Nemo **==

  2. Is that the same time the current OASDI tax holiday expires?

    “You can’t win.”

    Thanks Shirley, which is why us younger folks would like out of this rotten deal because we know we won’t see a large chunk of what we are paying into this ponzi scheme. We’ll be lucky to see 75% of what we put into it. That’s some messed up “savings” plan!

  3. Ah, more loaves of bread and jugs of wine catapulted out to ravening hoard of desperate senior citizens in this country prior to the upcoming elections which simply indemnify the shadowy powerbrokers’ modern era, pre-selected ‘Caesars’…no?

    I thought SS was broke? So they dispense some more Fed~Treasury ‘funny money’ for feelgood purposes then take it away to pay for bloated, inefficient, fraud ridden Medicare. Meanwhile…”where’s the beef”;I.E., real wealth created by jobs and production in order to support a robust tax base…? / : |

    Carl Nemo **==

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