The New York Times reports that current projections are that this year's Cost Of Living Adjustment (COLA) for Social Security benefits will be around 3%, down from last year's 8.7%.
The New York Times reports that current projections are that this year's Cost Of Living Adjustment (COLA) for Social Security benefits will be around 3%, down from last year's 8.7%.
5 comments:
Great! Does that mean that the fee agreement cap will be increasing by 3% next year? Oh wait, I forgot that inflation affects everybody but SSA reps, so although our user fee max goes up every year with inflation, our fee agreement cap stays the same. I know I should be glad that there was a recent increase in the fee agreement cap (and the ALJ Fee Petition authorization amount), but being that those increases were less than the intervening inflation rate, the additional inflation now just really stings when we don't get any adjustment regarding how we get paid. Anyway, at least that will increase the past-due benefits generated by cases.
3 percent seems low. Now that the strategic oil reserve has been depleted, oil prices (and gas prices) are really on the rise. OPEC's cutbacks shows no signs of letting up. $4 gas seems only a few days away. Prices at the grocery store are bad to worse, although eggs and milk have recently decreased. On the other hand, the Goodwill and Salvation Army stores have been busier.
Get over it 7:00 how many other wage earners didnt get a raise that equaled inflation? What makes you so damn special?
@Tim
1. SSA's COLA adjustment is based on CPI-W, which does consider price of gas, but it's only 4.6% of the total calculation. It does indirectly impact a larger consideration of CPI-W, food prices, which accounts for 15% of the total calculation, but the majority of CPI-W is commodities other than food/energy (21.7%), shelter (33%), and the remainder is a bunch of other stuff like medical (5.5%), Transporation (6.3%), etc.
2. The strategic petroleum reserve is at 346 million barrels, when it peaked at 727 million barrels. So, it's not depleted as it's at about 1/3 capacity, but we did stop releasing it in January.
3. Oddly enough, my local grocery has seen across the board price cuts. It varies by item obviously, but I would estimate my grocery bills are actually down at least 20%.
@8:40
Sure, so what makes us special is our wages are set by statute and do not increase unless Congress feels like it, which usually happens every decade or so. However, our wages are effectively cut every year due to the user fees automatically increasing with inflation annually. The average worker probably does not get a wage increase equal or greater than inflation, but they also usually get a raise of some kind, and certainly don't get charged to get paid.
Has your employer ever offered to give you your paycheck in exchange for $90?
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