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October 16, 2015
Social Security Recipients Won’t Get Cost-of-Living Bump in 2016
Social Security Recipients Won’t Get Cost-of-Living Bump in 2016
For the third time this decade, Social Security recipients won’t be seeing an annual cost-of-living adjustment.
Blame soft inflation, including the nearly 30% drop in gas prices over the past year. The official price measure used to calculate the annual living-cost adjustment was down 0.4% from last year’s level in the third quarter, the Labor Department said Thursday.
Congress adopted the formula in the 1970s. While it has resulted in an average benefit increase of 4.1% over the past 40 years, benefits have gone up an average of just 2% over the past 10 years. There were no increases for 2010 and 2011.
Wild Thing's comment..........
Well, you can't give social security recipients an increase because they paid into it their entire lives because giving it to ILLEGAL ALIENS IS MORE IMPORTANT!
I blame Obama 1000000 %.
Obama's government has millions to give away to the terrorists.
Posted by Wild Thing at October 16, 2015 12:50 AM
Comments
This happened twice under Obama.
Remember that in 2008, prices at the pump were lower than they are now and retirees still got their COLA increase. The national average for a gallon of gas didn’t go over $2.00 per gallon till into 2004 and retirees still got their COLA increases so this is all BS.
Posted by: BobF at October 16, 2015 09:49 AM
