[Bill14564]

Originally Posted by Andyb

Well, we are still behind by about 18% from the inflation debacle. It’s almost a slap in the face.

Where did you see a 20% inflation number?

[CoachKandSportsguy]

The CPI has seasonal adjustments, which tries to smooth out the changes relative to the season, like a year over year change. However, CPI is both products and labor. .

Products may be slowing down, due to renormalization of the pandemic, but the services piece, which is labor and labor related, is not so low. Services piece is insurance, health care, owners equivalent rent similar and similar non product related prices. .

Services up 4.4% year over year, excluding owners equivalent rent, so for crappy data collection and estimation, call it 5.0%,
In May it was 5.0%

Consumer Price Index for All Urban Consumers: Services Less Rent of Shelter in U.S. City Average (CUSR0000SASL2RS) | FRED | St. Louis Fed

** of course excluding FL home insurance after two/three hurricanes in a season.

[Rich42]

There is no way that I believe those percent increases that people are quoting here or that the government is quoting here are anywhere near accurate. The government has to minimize the Social Security increase as a way of keeping the deficit down for next year. Additionally, those cost increases that are quoted don’t include the fact that virtually every container that every kind of food comes in is now smaller than it was before and there is less in it. In some cases up to 30 and 40% less food in the package. As usual, we seniors are getting screwed over by the government.

[Lottoguy]

Drop that plan and get a advantage plan. You'll be ahead of the game.

[KAM+6]

Originally Posted by Andyb

Well, we are still behind by about 18% from the inflation debacle. It’s almost a slap in the face.

"Slap in the face"?? Just when did the government say that you could live entirely on SS??
I had to work until I was 75 to live, modestly and frugaly, on SS and savings. Interest rates on CD plummeted to less than 1% previous administration. It is now around 5%. No mention of that in this thread!

[dewilson58]

Originally Posted by KAM+6

"Slap in the face"?? Just when did the government say that you could live entirely on SS??

Missed that.

When did SS become 100%??

[bumpa]

Originally Posted by Mleeja

You can supply all the stats you want. However, I know just my Medicare supplement and Part D drug plan have increased more than 3.6% for next year. These two items alone far surpass any increase received from SSI.

If you receive $3000 a month from SSI then you'll get $75 more per month. If your Supplement and drug plan cost you $300 a month then the 3.6% increase will cost you $10 more per month. A far cry from from surpassing the increase in SSI.

[bumpa]

Originally Posted by Rich42

There is no way that I believe those percent increases that people are quoting here or that the government is quoting here are anywhere near accurate. The government has to minimize the Social Security increase as a way of keeping the deficit down for next year. Additionally, those cost increases that are quoted don’t include the fact that virtually every container that every kind of food comes in is now smaller than it was before and there is less in it. In some cases up to 30 and 40% less food in the package. As usual, we seniors are getting screwed over by the government.

You think the government determines the size of food containers? You're looking in the wrong direction.

[bumpa]

Originally Posted by Rich42

There is no way that I believe those percent increases that people are quoting here or that the government is quoting here are anywhere near accurate. The government has to minimize the Social Security increase as a way of keeping the deficit down for next year. Additionally, those cost increases that are quoted don’t include the fact that virtually every container that every kind of food comes in is now smaller than it was before and there is less in it. In some cases up to 30 and 40% less food in the package. As usual, we seniors are getting screwed over by the government.

You think the government determines the size of food containers? You're looking in the wrong direction.

[Stu from NYC]

Originally Posted by bumpa

You think the government determines the size of food containers? You're looking in the wrong direction.

We also consider the size of the container when making food or any purchase.

Shrinkflation is real and getting worse

[Rich42]

Originally Posted by bumpa

You think the government determines the size of food containers? You're looking in the wrong direction.

I did not say one word about the govt determining product package sizes. Read more carefully!

[Pugchief]

Originally Posted by Bill14564

Does it *feel* like wages are keeping up with inflation? Probably not. Do people's feelings generally track with reality? No. But think about how much "stuff" we absolutely need and can afford today compared to what we had when we were growing up. My family had one television and a record player. Vacations were camping in a tent and later a pop-up trailer. I spent most of my summer riding my bicycle or running around with friends. Today, multiple flat-screen smart TVs with a sound system are essential. We pick which country we are going to fly to for vacation and make hotel reservations (or splurge on Disney). It is nearly impossible to get kids off their devices (phones, tablets, gaming consoles) to get them outside. My parents didn't amass a huge bank account with the money they saved by NOT buying the things kids have today while today's parents are usually able to save a little even after buying all of today's "necessities." How can that be if wages have not increased faster than inflation and are now able to buy more?

Note: Not an economist, just someone who can google data, add numbers, and remember what constituted a good standard of living a few decades ago.

Awesome, you can now watch everything collapse on a 65" screen while you starve to death! /s

Technology, not wage growth has enabled this phenomenon. Big screen TVs are way cheaper than when they fist came out. So are computers. Big whoop. These are one-time purchases you make maybe every 5 years. Gotta buy food every week to survive, and those prices are on a rocket ship to the moon.

[Pugchief]

Originally Posted by KAM+6

"Slap in the face"?? Just when did the government say that you could live entirely on SS??
I had to work until I was 75 to live, modestly and frugaly, on SS and savings. Interest rates on CD plummeted to less than 1% previous administration. It is now around 5%. No mention of that in this thread!

Because inflation was very low, which is a good thing. That's how short term interest rates work.

[Bill14564]

Originally Posted by Pugchief

Awesome, you can now watch everything collapse on a 65" screen while you starve to death! /s

Technology, not wage growth has enabled this phenomenon. Big screen TVs are way cheaper than when they fist came out. So are computers. Big whoop. These are one-time purchases you make maybe every 5 years. Gotta buy food every week to survive, and those prices are on a rocket ship to the moon.

I don't have the data for this but I imagine standard (55"-65") flat screens cost about what a standard television did back when I was young. BUT, I now have two in my house and families with kids likely have three or four. AND, that is only the standard size - Amazon and Best Buy have no problem selling the 80"+ models at over $1,000 each.

Food prices seem to be about 2.2% higher over last year. A 2.5% COLA should cover that.

Yes, I am sure you can find items that have increased more. Eggs have peaks and valleys due to avian flu. Citrus prices depend on the weather. Avocados were expensive earlier but I don't remember why. Crab, lobster, and filet could be skyrocketing right now for all I know. But overall (at least according to the first five links in my search) food prices are up 2.2% on average. (I believe grocery prices were up less than restaurant prices but that wasn't as clear. If that is the case then it *could* be attributed more to labor costs than product costs)

[bumpa]

Originally Posted by Stu from NYC

We also consider the size of the container when making food or any purchase.

Shrinkflation is real and getting worse

Agreed but it's not the government determining the size of the package