Regarding the new COLA cuts in Social Security proposed by Obama

[jehop61]

I'm not going to get too upset about it. Just got my COLA notice for the upcoming year. After accounting for the raise in my Medicare premium, I will realize exactly $3.00 a month more! Guess I can go to McDonald's once a month now.

[KeepItReal]

1. Explain to me how Social Security contributes to the deficit

I'll wait...

[monmouth3]

2. Yeah, that's the ticket. I'm with you, I received a whole $17 more a month so of course COLA should

be cut but instead of $250,000 and up getting a tax hike, it's now going to be $400,000.... I'm rather disgusted, middle-class now into genteel poverty is the way to go I guess. This sucks..

[Cobalt Violet]

3. Glad you got yours.

Those of us whom will be starting in 10 years won't be as lucky.

[JHB]

4. How nice for you. As for me, being 20 years away from it...

...I'm probably much more concerned of the cumulative effects of the point shaving than you seem to be.

Albert Einstein is said to have once quipped that compound interest was the most powerful force in the universe. Switching to the chained CPI is compound interest in reverse. Call it compound theft.

[33Greeper]

5. Chained CPI....

Lobster => Steak => Chicken => Beans & Rice => Cat Food => Dirt Cakes

[eridani]

6. Best explanation I've seen yet n/t

[edhopper]

7. I'll explain uit to you

over the long term, as increases get smaller and smaller, those starting Social Security a decade or two down the road will be getting a smaller income than they will need to support themselves. SS will not keep pace with inflation. So needs like food, shelter and medical will not be met.
And since incomes have been stagnant for years, saving more for retirement is harder and harder. Many will only have SS.
It's not about you.