No Social Security Increase In 2011 For 58 Million Americans

Posted By on October 11, 2010

Retired folks are now getting liitle or no interest on their savings (if they have anything left) and now this happens to them!  For many older people, every little bit matters.  It really looks to this observer as if our government is out of touch with reality and favoring the rich.

WASHINGTON      As if voters don’t have enough to be angry about this election year, the government is expected to announce this week that more than 58 million folks on social scurity will go through another year without an increase in their monthly benefits. Based on inflation so far this year, the trustees who oversee Social Security indicate there will be no COLA for 2011.

It would mark only the second year without an increase since automatic adjustments for inflation were adopted in 1975. The first year was this year.

“If you’re the ruling party, this is not the sort of thing you want to have happening two weeks before an election,” said Andrew Biggs, a former deputy commissioner at the Social Security Administration and now a resident scholar at the American Enterprise Institute.

“It’s not the congressional Democrats’ fault, but that’s the way politics works,”  Biggs said. “A lot of people will feel hostile about it.”

The cost-of-living adjustments, or COLAs, are automatically set each year by an inflation measure that was adopted by Congress back in the 1970s.

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