[Rainger99]

The federal governments interest payments are going up drastically in fiscal year 2023.

Interest payments are estimated to be $580 billion this fiscal year, up from $399 billion in fiscal year 2022.

That would bring the total interest cost in 2023 to roughly the same level as the federal government’s 2022 budget for Medicaid.

[jdulej]

Originally Posted by collie1228

An 8.7% increase in Social Security may be fine for some, but those of us who earned a pension from a business are now losing over 8% annually with the current inflation. Today's CPI release said annual core inflation "has eased from 8.3% to 8.2%". It won't take long for our pensions to be worthless at that rate. And don't forget, there are many in our government who want to spend even more trillions, regardless of the inflationary effects of that spending. Oh, and the Dow is down over 500 points at the moment. Hang on, if you can.

Dow is up over 500 pts right now. These short terms swings mean nothing.

[kkingston57]

Originally Posted by jdulej

If we ever get people in the government with some bal**, it can easily be fixed with no reduction in benefits. Start with removing the cap on paying into SS. Anyone making enough to hit that cap should not really need it (I was one, it was just a nice bonus).

Even if they reduced the % people paid when they reached the cap it would help. For example if the cap was at $150,000 people would only pay 2% for any income over 150K.

[kkingston57]

Originally Posted by golfing eagles

And how much the Medicare premium will eat up the COLA????

Per SSA.gov site Medicare is expected to cost less in 2023. Saw this on 10/13. Will not make much of a difference, but may happen.

[OrangeBlossomBaby]

Originally Posted by Byte1

8.7% increase in SS. My thanks goes to the younger generation that is subsidizing my monthly stipend. I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

I supported the people who started getting it before I did, and I never had any complaint about doing so. Helping the elderly and disabled survive is a small price to pay, to be a contributing member of society. And next year it'll be my turn to start collecting. I'm a happy participant.

Anyone who doesn't feel they need their check, is more than welcome to cash it and stick the cash in my mailbox. I'll put it to good use.

[Garywt]

Originally Posted by OrangeBlossomBaby

I supported the people who started getting it before I did, and I never had any complaint about doing so. Helping the elderly and disabled survive is a small price to pay, to be a contributing member of society. And next year it'll be my turn to start collecting. I'm a happy participant.

Anyone who doesn't feel they need their check, is more than welcome to cash it and stick the cash in my mailbox. I'll put it to good use.

Since I had to leave work for a disability I need all of my check and look forward to a nice increase in January.

[Caymus]

Originally Posted by jdulej

If we ever get people in the government with some bal**, it can easily be fixed with no reduction in benefits. Start with removing the cap on paying into SS. Anyone making enough to hit that cap should not really need it (I was one, it was just a nice bonus).

Congress made a major change to the program in 1983 to keep it "solvent". What knowledge do you have that indicates they won't again?

[mike234]

Originally Posted by Rainger99

The federal governments interest payments are going up drastically in fiscal year 2023.

Interest payments are estimated to be $580 billion this fiscal year, up from $399 billion in fiscal year 2022.

That would bring the total interest cost in 2023 to roughly the same level as the federal government’s 2022 budget for Medicaid.

isn't this increase that many are celebrating, an obvious indication that this country is in dire straights?

[Stu from NYC]

Originally Posted by Caymus

Congress made a major change to the program in 1983 to keep it "solvent". What knowledge do you have that indicates they won't again?

At some point they will have to as the system will not support current levels of payment without running out of funds.

However this should have been done years ago and the longer they kick the can the more drastic changes will have to be.

There is no doubt that they will have no choice to change the system and reducing payment will mean lots of congressman will need to find new lines of work.

[Caymus]

Originally Posted by Stu from NYC

At some point they will have to as the system will not support current levels of payment without running out of funds.

However this should have been done years ago and the longer they kick the can the more drastic changes will have to be.

There is no doubt that they will have no choice to change the system and reducing payment will mean lots of congressman will need to find new lines of work.

They will most likely increase payroll and employer taxes and the wages subject to the higher rates. Any reduced payments will probably only apply to "rich" people. (the kind that can afford to live in The Villages)

[Stu from NYC]

Originally Posted by Caymus

They will most likely increase payroll and employer taxes and the wages subject to the higher rates. Any reduced payments will probably only apply to "rich" people. (the kind that can afford to live in The Villages)

Or increase the full retirement age to 75 or so. They should have done this awhile ago.

It was to be a govt funded pension system not a system of wealth transfer.

[tophcfa]

Originally Posted by Stu from NYC

It was to be a govt funded pension system not a system of wealth transfer.

It’s not Government funded, it’s funded by FICA taxes taken out of working peoples pay checks. If I didn’t have to pay FICA taxes my whole working career, and instead was able to keep and invest those funds I earned, I would have more money saved than I will ever get paid in Social Security checks.

[eweissenbach]

Originally Posted by Byte1

8.7% increase in SS. My thanks goes to the younger generation that is subsidizing my monthly stipend. I certainly hope that this Ponzi scheme lasts long enough for them to benefit.

The younger generation should have to pay none of our SS benefit. Had our contributions been wisely invested and kept in a secure fund with no opportunity to be raided for other purposes, there would be plenty of money to pay our benefits.

[Nucky]

Originally Posted by Garywt

Since I had to leave work for a disability I need all of my check and look forward to a nice increase in January.

I'm in the same boat. I would spit chicklets to be able to be working at my old profession. I felt so much more useful. I've been out of action for nearly 8 years and have only recently grasped the concept that my working life is truly over. I'm stubborn, very stubborn and didn't want to give in to the idea of giving up.

My Doctor almost had a baby when he found out from a family member that I was still at my job almost 6 weeks after he told me I was risking paralysis if I didn't quit immediately. I got a visit from the Doctor at my home and he gave me a New Jersey Inspirational Speech in front of my wife and one son. Needless to say I call out sick the next day and that set off other alarms at my job because that had never happened before. Another home visit from my boss and sub-boss, his son. I tried to skate and didn't reveal to them what my Doctor had told me thinking that by some kind of miracle things might change. I felt like trash not being able to contribute to my family and to society.

After about 5 years of trying to figure this out on my own and all the while knowing I needed professional help I finally had the good fortune to speak with a Psychologist in The Village Health Care System. What a great person this Doctor was. She helped me to see that it wasn't my choice and that I should let myself off the hook so to speak.

I am grateful for the raise. It is always a good thing to have a couple more bucks in the kick. We were lucky to have some real estate to sell in $$ Jersey $$ before we got here to heaven on earth. 2.7%, 6.7%, 8.7% any of them are good for me. I'm not greedy. I'm living a better life here in Th Villages than I did when I was working around the clock to keep all the balls up in the air in N.J. As it turns out I think I'll stay grateful for everything and be happy with whoever is in power and just live my life and that's that! Life is good.

As far as the future SS benefits you know that at the last minute both parties will come together with the solution and things will roll along just as they are now. There will be no going backwards money wise for the American people. Especially since we are the ones who put the money into the program. We should be the ones drawing it out. I guess we'll have to stop helping other countries so much and concentrate on us. Maybe the Bigwigs should talk to that lady at The Villages Healthcare System. I'm sure she could help them to.

[Chi-Town]

I remember people complaining when there was no increase. Same people complained the interest rates were too low So just be happy with a nice bump.