Social Security Benefits to Rise 5.8 Percent Next Year

Discussion in 'Economy' started by WillowTree, Oct 16, 2008.

  1. WillowTree
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    WillowTree Diamond Member

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    Social Security Benefits to Rise 5.8 Percent Next Year
    Thursday, October 16, 2008

    WASHINGTON — Social Security benefits for 50 million people will be go up 5.8 percent next year, the largest increase in more than a quarter century.

    The increase, which will start in January, was announced Thursday by the Social Security Administration. It will mean an additional $63 per month for the average retiree.

    The increase is the largest since a 7.4 percent jump in 1982 and is more than double the 2.3 percent rise that retirees got in their monthly checks starting in January of this year.

    The typical retiree's monthly check will go from $1,090 currently to $1,153.

    But the fatter Social Security check may still seem puny to millions of retirees battered this year by huge increases in energy and food costs who have also watched helplessly as their retirement savings have been assaulted by the biggest upheavals on Wall Street in seven decades.

    "Right now many senior citizens are feeling depressed because things seem out of control. They feel like they are in a boat being whipped around by rough seas," said Sung Won Sohn, an economics professor at the Smith School of Business at California State University. "Their purchasing power has been going down because of higher prices for food and energy and a lot of other things while their savings have taken a hit because of what is happening in the markets."


    FOXNews.com - Social Security Benefits to Rise 5.8 Percent Next Year - Politics | Republican Party | Democratic Party | Political Spectrum
     
  2. AllieBaba
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    AllieBaba BANNED

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    Many senior citizens always feel that way. It's part and parcel of being a senior citizen.
     
  3. Truthmatters
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    Truthmatters BANNED

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    good
     
  4. Care4all
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    Care4all Warrior Princess Supporting Member

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    sure hope Disabled Vet compensation rises for this cost of living hike as well....
     
  5. dilloduck
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    dilloduck Diamond Member

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    It would be even better if we could afford it.
     
  6. Care4all
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    cuts, along with higher taxes and a booming economy is our only hope of ever being able to afford it...right now we are looking at a trillion dollar YEARLY deficit...and it will be even worse than that...because the gvt will pull in less tax revenues for the budget during a recession....

    the gvt deficits the last eight years is ALSO a huge portion of this financial breakdown we are in...and we don't have as much room to print our way out of it without causing hyper inflation.... devaluing the dollar in to its worth of nothing..... :(
     
  7. Truthmatters
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    If we can afford a couple wars I think we can afford to give our seniors enough money to buy food.
     
  8. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Increasing taxes on Business will NOT lead to a booming economy, it will hurt the economy. Now remind us who plans to raise Business taxes?
     
  9. WillowTree
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    WillowTree Diamond Member

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    Oh for sure, but you know our congresscritters never let that stand in their way. That's why we're in this mess to start with. But hey! I'd rather it go to seniors than to illegals.
     
  10. dilloduck
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    dilloduck Diamond Member

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    Who said anything about not paying illegals ? These idiots STILL haven't figured out we're broke.
     

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