In 2023, the annual Cost of Living adjustment for Social Security was an increase of 8.7% . But it’s 5.5% less in 2024! In 2024, the actual C of L adjustment this year is only 3.2% (that’s barely 1/3 of the increase last year). For instance, for my mother’s SS monthly benefit for 2024, that means a $681.60 monthly loss. Representing less purchasing power, more hardship all around for tight budgets. They claim inflation has been reduced, but the real cost of living for the basic needs is still climbing much faster than they admit.
Why do Democrats and Republicans not blink an eye to play with the Social Security Fund as a political football, but when it comes to approving Billions of Dollars for its military machine funding, to conduct global interventions the sky is the limit on spending, even more than Biden asks for!!
They are maneuvering to reduce Social Security benefits even further by the end of the d ecade, as this chart shows. They claim they can’t afford to continue the benefits at the current level.
When will the whole U.S. population wake up and stop voting for these two dictatorial Electoral; Democratic and Republican Parties??? I.E. how many Billions is it costing US in these lands to maintain the ongoing “Ukraine” fabricated strategies for military aggression against Russia’s territories?
And the annual Billions allocated to using the Israeli Government, a fake body imposed on the original native Palestinians in 1947, since then occupying more and more of their lands, then this illegitimate Israeli Government has been used as a U.S. proxy, to conduct far reaching military global aggressions since 1948 within that regional map and beyond.
The U.S. in effect has been carrying out an extermination (GENOCIDE) campaign of Palestinians in their own land, while also spreading such campaign throughout adjoining territories, with the goal to control all such areas, to steal their national resources.
The same playbook from the White Man’s Burden tale but sadly, real history.
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Learn more about how the S.S. Administration calculates payments at: https://www.fxws.io/2023/12/how-are-social-security-cost-of-living.html
Response: Although a smaller increase is not really a reduction, you are right in that the increases (even the larger one last year) do not correspond to the real spike in the cost of living and of the basic needs, goods and services that most people, especially poor people, have to spend money on. And you are right that the politicians have billions, a trillion a year, for war instead.
The solution to the problem shown in the chart is to lift the cap on social security taxes. The tax is highly regressive, because people with big incomes only pay it on a small portion of their income, since it’s a payroll tax on wages, and since it is only levied on the lower levels of those wages. People with “passive income” from investments don’t pay it at all, and people with big salaries are taxed on only a portion. It the tax applied to all income of the 1%, there’d be no crisis.
That’s the excuse they also want to use to attack Medicare. As people are pushing for Medicare for all, the politicians and the insurance companies are pushing to privatize and reduce Medicare.