[Gettingoutofdodge]

This year we got a raise in Soc. Sec. And a higher raise in Medicare. So in actuality, we lost money! Thank God I saved but my savings due to inflation is worth less. Add to that the Stock Market is tanking. If we get a raise, they will find a way to take it back. The adage, take from those that have and give to those that don’t never works. NEVER!

[Stu from NYC]

Originally Posted by rsmurano

People don’t understand inflation. Sure it effects debtors because of higher rates, but it effects everybody by higher prices for everything. What cost $1 yesterday, will be $1.50 or more in a short period of time.
As for working hard, this is only partially correct. I know people who worked hard, made decent money, and had no income saved for retirement. You have to invest part of your money starting at a young age so it has a chance to grow before retiring. Working hard and playing/spending harder won’t work. This is what the millennials are doing today, they have no outlook for the future, thinking the government is going to bail them out

It is sad that schools do not teach personal finance. Too many young people do not have any understanding of basic Economics.

[Speedie]

Originally Posted by Michael G.

So, with inflation, we can except another increase on our Social Security, right?

Raising the min wage drives inflation but also increases the number of people paying taxes and SS.

[Lindsyburnsy]

I hear there that someone wants to phase out Social Security and Medicare. Be thankful for what you are getting.

[bioman419]

Dream On, my friend!

[Michael G.]

"The Government giveth and the Government taketh away!"

[Luggage]

That's an uneducated statement.

[Stu from NYC]

Originally Posted by Lindsyburnsy

I hear there that someone wants to phase out Social Security and Medicare. Be thankful for what you are getting.

Never going to happen

[joelfmi]

Don't you know china wants there currency to be the dominant very shortly. Referred to as the new world order. it won't be long the The way our government is throwing money around it won't be long now

[BrianL99]

Originally Posted by Babubhat

Insolvency is irrelevant. Government has unlimited ability to print money.

Originally Posted by dewilson58

There's an uneducated statement.

A statement is neither educated nor uneducated.

It is either accurate or inaccurate.

In this case, it's accurate and been proven countless times.

[rustyp]

[QUOTE=Michael G.;2082781]So, with inflation, we can except another increase on our Social Security, right?[/QUOTE


1 - it is EXPECT not EXCEPT - I don't believe I have a choice rather to ACCEPT the increase or not.
2 - The answer to the question at this point in time is a no brainer - yes we can EXPECT an increase in 2023. That includes right - wrong -indifferent - or your political preference.
3. Cut to the chase - the question was can we EXPECT another increase in 2023 - NOT WHO OR WHAT IS TO BLAME OR CREDIT.
4. Why do we tip toe to the political line here. It is against the rules. Why not take it to another social media page where you can have ( I say this tongue in cheek) reasonable debate.

[dewilson58]

Originally Posted by BrianL99

A statement is neither educated nor uneducated.
It is either accurate or inaccurate.
In this case, it's accurate and been proven countless times.

Another uneducated post..............you are talking history, unlimited is talking future.

[dewilson58]

Originally Posted by petsetc

Respectfully, some economists believe it's true, .......JMHO

& some economists don't believe it's true.

Dollar value??

Unlimited US debt security sales??

Inflation like you never seen??

[MartinSE]

A couple points on this thread:

SS will not suddenly run out of money. The plan is to ramp down payments as they have to dip into the trust, which is expected to start in 10 or 20 years. It is a "simple" problem to fix, but politicians don't want to fix it because it is a voting issue they can rant about. Fixing would simply require an increase in the amount of income your contribution comes from, increase the maximum contribution of each worker, or increase the percentage deducted. All have been proposed, all of any would postpone the problem indefinitely.

Second, inflation happens. It always has it aways will. It is normally blamed on the administration with it starts up - that doesn't mean they caused it. Inflation historically lags policy. In this cycle it has been predicted for years, meaning it is way over due. Some (me included) believe it is the way the inflation cycle was delayed that resulted in it being worse than "normal". I don't have a doctorate in economics, so I can't say. We just are still dealing with COVID and it's impact on society and economy. Anyway, I do believe that as long as our (the world's) economy is based on growth, there will be recessions and inflation cycles. We need a new economic model that is based on no growth.

[biker1]

Not exactly. I believe SS started to "withdraw" money from the $2.9T trust fund in 2021 as incoming SS taxes became insufficient to pay all benefits. The current estimate is that the trust fund will be exhausted in 2033, at which time benefits will need to be reduced by about 20% as that is all the incoming SS taxes will support. As you pointed out, this is fixable.

Originally Posted by MartinSE

A couple points on this thread:

SS will not suddenly run out of money. The plan is to ramp down payments as they have to dip into the trust, which is expected to start in 10 or 20 years. It is a "simple" problem to fix, but politicians don't want to fix it because it is a voting issue they can rant about. Fixing would simply require an increase in the amount of income your contribution comes from, increase the maximum contribution of each worker, or increase the percentage deducted. All have been proposed, all of any would postpone the problem indefinitely.

Second, inflation happens. It always has it aways will. It is normally blamed on the administration with it starts up - that doesn't mean they caused it. Inflation historically lags policy. In this cycle it has been predicted for years, meaning it is way over due. Some (me included) believe it is the way the inflation cycle was delayed that resulted in it being worse than "normal". I don't have a doctorate in economics, so I can't say. We just are still dealing with COVID and it's impact on society and economy. Anyway, I do believe that as long as our (the world's) economy is based on growth, there will be recessions and inflation cycles. We need a new economic model that is based on no growth.