Social Security’s “Generosity” is Not the Problem

One of the facets of the budget debates going on in Washington in recent months is funding for social security.  Even though social security is not a driving force behind the nation’s current budget woes, some people want to lump it in with Medicare and other rising costs and try to implement a “solution” to a problem that, contrary to their insistence, doesn’t really exist at all.

Some of these folks maintain that social security’s annual cost-of-living increases are too generous and need to be linked to a different index – the so-called chained consumer price index, which is more conservative and would yield smaller cost-of-living increases.

So seniors must be getting pretty damn rich from huge cost-of-living increases if so many people in Washington are intent on scaling back those increases, right?

Well, judge for yourself.

In 2010, there was no increase at all.

Ditto for 2011.

In 2012, seniors got 3.6 percent increase.

And in 2013, it was 1.7 percent.

Seniors living high off the hog as a result of generous social security cost-of-living increases?

Not so much.

 

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