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This is because the CPI-W rose only 0.077% M/M. Had it risen as much as the CPI-U (0.04%) then the cost of living adjustment would have been 8.9% (at least according to my arithmetic).
@Derf, of course, you know that there is no "fund" or "separate account". All FICA taxes go into the general Treasury fund, and all SSA payments come out of that. All this talk about the "fund" and "fund running out of money" is just government internal accounting/bookkeeping. When that internal accounting will show empty, automatic SSA cuts will be triggered - unless the laws are changed (and they will be).
"...Unless the laws are changed (and they will be.)" But you can bet on the politicians not getting anything dome until the last minute, and then it will be a half-measure that serves as a mere band-aid. REMOVE THE INCOME CAP!
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It's official 8.7%.
But you can bet on the politicians not getting anything dome until the last minute, and then it will be a half-measure that serves as a mere band-aid. REMOVE THE INCOME CAP!
At least taxable base is moving up a bit.......from current$142k to $160k.
Probably, but that sort of thing has been standard practice since the unfortunate invention of politicians.