Social Security COLA figures for 2013 announced.

[David2012]

Fox News has released a news article from the AP reporting that the projected Social Security COLA for 2013 will be the lowest since 1975 ...that is if you exclude the 2 years there wasn't any COLA at all in 2010 & 2011. Under Obama, Social Security recipients have seen the lowest cost of living increases than under any other president... but over all inflation has gone sky high.

It is a long article, and I was having problems getting it to copy & paste correctly due to copy right protection put on by the web site, so I'll just paste a link to the article. It was from the AP, posted on the Fox News web site.

For those of us who were hurt in accidents and forced to retire long before having accumulated very much in a personal retirement account, this is not good news. I go to the store and see that lean ground beef is selling for approx. $4 a pound ...as is a gallon of milk.... and think I may have to go back to eating a lot more fried taters, pinto beans, onion & corn bread like we often had to do when I was growing-up.

Heck, I noticed the other night that a 1 pound package of plain old beef Bolo is selling for $4 now. Geesh! It wasn't but 2 year ago you could get Top Sirloin steak for $3.98 a pound...now it is just under $6. And 2 yrs ago, you could could get all you could eat sirloin steak at a Western Sizzlin or Golden Corral for only $7.. now it is $10 fixing to go to $12. Biggest jump in food prices I've seen is in the ground Buffalo & Buffalo steak. It has gone up about $6 a pound in the last 2 years.

[h=1]Social Security increase for 2013 could be lowest since 1975[/h]Published October 14, 2012
Associated Press



Read more: http://www.foxnews.com/us/2012/10/1...west-since-175/?test=latestnews#ixzz29JnMoaKB​

 

[LightningCrash]

For comparison:
https://www.socialsecurity.gov/oact/cola/colaseries.html

Social Security
Year 	 	COLA
2000 		3.5
2001 		2.6
2002 		1.4
2003 		2.1
2004 		2.7

Year 	 	COLA
2005 		4.1
2006 		3.3
2007 		2.3
2008 		5.8
2009 		0.0
2010 		0.0
2011 	 	3.6

Inflation data
http://www.usinflationcalculator.com/inflation/current-inflation-rates/

 

[inactive]

... but over all inflation has gone sky high.

Uhhh.... define "sky high"

http://www.usinflationcalculator.com/inflation/historical-inflation-rates/

We've been under 3% all year for 2012.

 

[Vamoose]

Uhhh.... define "sky high"

http://www.usinflationcalculator.com/inflation/historical-inflation-rates/

We've been under 3% all year for 2012.

It all looks sky high when you're on a fixed income.

 

[jrusling]

Well if they would include all normal items we buy in the cost of living index I think it would be a lot different. Just look at the cost increases in food, energy, and health care cost.

 

[LightningCrash]

Well if they would include all normal items we buy in the cost of living index I think it would be a lot different. Just look at the cost increases in food, energy, and health care cost.

Correct me if I'm wrong here, but I believe that's how CPI is calculated.

 

[inactive]

It all looks sky high when you're on a fixed income.

Good point.

 

[inactive]

Correct me if I'm wrong here, but I believe that's how CPI is calculated.

Yup. Food, energy, apparel, transportation, vehicles, shelter, medical:

http://www.bls.gov/news.release/cpi.nr0.htm

 

[LightningCrash]

Yup. Food, energy, apparel, transportation, vehicles, shelter, medical:

http://www.bls.gov/news.release/cpi.nr0.htm

And according to the SSA, the Social Security COLA is based on the previous CPI-W.

OP: Is your concern that the COLA is not tracking CPI-W? If so, what is that concern based on?

 

[Fyrtwuck]

It all looks sky high when you're on a fixed income.

Yep, when everything increases except your paycheck, it's bad.