Social Security Benefits to Rise 5.8 Percent Next Year

[WillowTree]

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

 

[AllieBaba]

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

 

[Truthmatters]

good

 

[Care4all]

sure hope Disabled Vet compensation rises for this cost of living hike as well....

 

[dilloduck]

It would be even better if we could afford it.

 

[Care4all]

It would be even better if we could afford it.

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.....

 

[Truthmatters]

If we can afford a couple wars I think we can afford to give our seniors enough money to buy food.

 

[RetiredGySgt]

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.....

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?

 

[WillowTree]

It would be even better if we could afford it.

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.

 

[dilloduck]

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.

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

 

[Care4all]

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?

not obama

Would increasing taxes on the middle class hurt the economy as well? I believe it would, so where ya gonna get the money for the trillion dollar yearly deficit? you can't grow your way out of this mess...it is way too big now, on the edge of the boomer retirement....

all three measures have to be taken, cut, raise taxes and grow the economy...one alone, in this mess, will not cut it imo retgysgt.....

Raised taxes on the wealthiest under the clinton reign DID NOT slow the economy btw....the wealthiest got wealthier....

Clinton's economy really took off when the commitment to pay down the deficit was evident...this gave businesses confidence that our gvt wouldn't continue to be reckless with our money leaving more money for businesses to grow is what i have read...?


care

 

[dilloduck]

not obama

Would increasing taxes on the middle class hurt the economy as well? I believe it would, so where ya gonna get the money for the trillion dollar yearly deficit? you can't grow your way out of this mess...it is way too big now, on the edge of the boomer retirement....

all three measures have to be taken, cut, raise taxes and grow the economy...one alone, in this mess, will not cut it imo retgysgt.....

Raised taxes on the wealthiest under the clinton reign DID NOT slow the economy btw....the wealthiest got wealthier....

Clinton's economy really took off when the commitment to pay down the deficit was evident...this gave businesses confidence that our gvt wouldn't continue to be reckless with our money leaving more money for businesses to grow is what i have read...?


care

The Clinton economy ? You mean the Greenspan economy where Clinton got to take credit as the disastrous bubble was still expanding ?

 

[RetiredGySgt]

not obama

Would increasing taxes on the middle class hurt the economy as well? I believe it would, so where ya gonna get the money for the trillion dollar yearly deficit? you can't grow your way out of this mess...it is way too big now, on the edge of the boomer retirement....

all three measures have to be taken, cut, raise taxes and grow the economy...one alone, in this mess, will not cut it imo retgysgt.....

Raised taxes on the wealthiest under the clinton reign DID NOT slow the economy btw....the wealthiest got wealthier....

Clinton's economy really took off when the commitment to pay down the deficit was evident...this gave businesses confidence that our gvt wouldn't continue to be reckless with our money leaving more money for businesses to grow is what i have read...?


care

Obama has stated he will RAISE taxes on Corporations and seek a windfall tax law. How is it you do not even know the position of your own Candidate?

 

[sealybobo]

I just heard seniors that made $1090 will make $1160. Not exact numbers, but very close. I remember it wasn't quite $100 increase.

1 month before the election? Are republicans good or what. Welcome back Florida to the Red states.

 

[RetiredGySgt]

not obama

Would increasing taxes on the middle class hurt the economy as well? I believe it would, so where ya gonna get the money for the trillion dollar yearly deficit? you can't grow your way out of this mess...it is way too big now, on the edge of the boomer retirement....

all three measures have to be taken, cut, raise taxes and grow the economy...one alone, in this mess, will not cut it imo retgysgt.....

Raised taxes on the wealthiest under the clinton reign DID NOT slow the economy btw....the wealthiest got wealthier....

Clinton's economy really took off when the commitment to pay down the deficit was evident...this gave businesses confidence that our gvt wouldn't continue to be reckless with our money leaving more money for businesses to grow is what i have read...?


care

Clinton did not pay down anything. I suggest you check your facts. Further the slower growth of the deficit was because of a REPUBLICAN Congress not because of Clinton.

 

[Care4all]

Clinton did not pay down anything. I suggest you check your facts. Further the slower growth of the deficit was because of a REPUBLICAN Congress not because of Clinton.

i would suggest you check your facts....

clinton RAN on reducing the deficit, WHICH HE DID....

House narrowly approves Clinton's economic package. / nwi.com

without the help of any republican's vote on his economic plan...

What he did, worked....while the repubs swore it would be the end of the world for America.... they had to EAT THEIR WORDS when all was said and done....

I don't discount he had the help of the republican congress, but what set us on that road was Bill clinton's economic plan and deficit reduction plan that was passed his first full year in office....

to deny such is ignoring history.

he reduced the budget deficit to zero and then for two years the budget had a surplus...THAT'S A FACT, not fiction....it might have even been 3 years, i will have to double check....and there is no spin that the otherside can provide that discounts the facts about the budget deficit reduction that was accomplished under Clinton... sorry!

During his first year in office, Clinton quickly focused on improving the economy. He believed that the key was reducing government spending and the huge deficits that occurred in the federal budget each year because government spending exceeded its revenues. Because the government borrowed money to offset its deficit spending, it reduced the amount of money available for private investment. Therefore businesses could obtain capital only at high rates of interest, which discouraged investment and expansion.

In 1993 Clinton submitted to Congress a budget that reduced federal spending and increased taxes. With every Republican in Congress voting against it, the budget passed in both houses without one vote to spare. Clinton’s budget victory reversed the trend of rising deficits, and it stimulated the economy. However, Clinton’s major policy initiative of his first term—providing health care insurance for all Americans—collapsed after a bitter fight in 1994. This failure, along with the tax increase and budget battles with Republicans, hurt Clinton and the Democrats in the congressional elections of 1994. In those elections the Republicans won a majority in both houses of Congress. It was one of the most dramatic upheavals in Congress in the 20th century.

After the 1994 election, a conservative Republican majority took control of Congress. The new makeup of Congress dramatically changed Clinton’s strategy. Unable to push his own programs, he turned his attention to preventing the Republicans’ conservative agenda from becoming law by vetoing Republican budgets that cut spending on programs he supported. In 1995 the Republican-controlled Congress twice shut down the federal government for short periods because it had not approved a budget.

In his first term, Clinton was able to reach a compromise with the Republicans on one major initiative, welfare reform. Angering many in his own party, he signed a bill in 1996 reforming the old system of welfare payments and instituting a welfare-to-work program.

In 1996 Clinton ran for reelection against Republican senator Robert Dole, the majority leader of the Senate, and Ross Perot, who ran as the candidate of the newly formed Reform Party. During the campaign, Clinton stressed his desire to control the federal budget deficit and to work for campaign-finance reform. At the nominating convention, held in Chicago in August, Clinton announced more plans, including additional funding for environmental programs and tax credits for college tuition. Voters were happy with the robust economy, and Clinton claimed credit for decreased numbers of people on welfare rolls. He also pointed to dwindling crime as a result of legislation he helped pass that included gun-control measures.

In November Clinton defeated Dole with 49 percent of the popular vote, compared with Dole’s 41 percent. Perot was not as successful as he had been in 1992; he won only 8 percent of the vote. Clinton soundly defeated Dole in the electoral college, receiving 379 votes to Dole’s 159. But the election did not alter Clinton’s problems with Congress. While Democrats gained seats in the House of Representatives, they lost more seats in the Senate, and Republicans continued their control of both houses of Congress.

After Clinton’s resounding victory, the Congress was at first less confrontational. In 1997 Clinton and Congress worked out compromises on reductions in taxes paid by most Americans and on spending cuts and other reforms aimed at producing a balanced budget.

continued.... Bill Clinton - MSN Encarta

 

[dilloduck]

i would suggest you check your facts....

clinton RAN on reducing the deficit, WHICH HE DID....

House narrowly approves Clinton's economic package. / nwi.com

without the help of any republican's vote on his economic plan...

What he did, worked....while the repubs swore it would be the end of the world for America.... they had to EAT THEIR WORDS when all was said and done....

I don't discount he had the help of the republican congress, but what set us on that road was Bill clinton's economic plan and deficit reduction plan that was passed his first full year in office....

to deny such is ignoring history.

he reduced the budget deficit to zero and then for two years the budget had a surplus...THAT'S A FACT, not fiction....it might have even been 3 years, i will have to double check....and there is no spin that the otherside can provide that discounts the facts about the budget deficit reduction that was accomplished under Clinton... sorry!

What is it about benefitting from the bubble is it that you do not understand ?
We will NOW begin to pay for all that shit that looked so great at the time .

 

[AllieBaba]

And the financial goodies that the Clinton Admin enjoyed were manna from the Reagan administration.

 

[sealybobo]

And the financial goodies that the Clinton Admin enjoyed were manna from the Reagan administration.

And Carter actually won the cold war.

And Bush's economy will kick in probably in 3 years.

And I love you Allie.

 

[AllieBaba]

Seen any of the results the bail out was supposed to bring about yet?
*kisses*