Social Security and the ‘Super’ Committee - Reducing Retirees' Risk

Richard W. Walker the National Center for Policy Analysis (NCPA) COO sent me an email outlining a recommendation which his organization recently provided to the U.S. Congress’ so-called ‘Super’ Committee. NCPA
says it’s a solution for Social Security.

… Let future retirees start saving for their own retirement.

Our recommendation calls for everyone at age 55 or older to receive all promised Social Security benefits.  Everyone else with at least 35 years of full-time work would be guaranteed a minimum level of return.  If any qualifying worker's total benefit falls below the minimum, the federal government would supplement that worker's benefit.  So individuals have responsibility for their own retirement, but Social Security provides exactly what it was intended to be: a safety net.

NCPA’s recommendation sounds similar to Congressman Paul Ryan’s FY 2012 federal budget plan. It sounds very reasonable and straightforward in dealing with the future of the Social Security Program. Amazingly, the Democratic Left in Congress just wants to keep the status quo and refuses to acknowledge or to deal with future woe …

COLA for Congress, but no COLA for you!

COLAs apparently are are not for everyone!

Hat tip goes to T.D., friend of this blog, who sent me some of the content for this post.

“WASHINGTON (AP) — 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 Social Security recipients will go through another year without an increase in their monthly benefits.

“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. . .” --- Associated Press, No Social Security COTA Expected for 2011, 10/10/2010.

For the first time in history, the Democratic Congress will not allow an increase in the Social Security Cost of Living Adjustment (COLA). In fact, the Henry J. Kaiser Family Foundation predicts there may not be any COLA for the next three years. However, the per-person monthly Medicare insurance premium will be increased form the 2009 premium of $96.40 to $104.20 in 2010 and to $120.20 for the year 2011. The real kicker is this, members of Congress voted themselves a whopping $3,000 a month COLA!

I would not be opposed to freezing the COLA for Social Security beneficiaries along with many other entitlements, but it does seem unfair Congress would vote itself a COLA. This is something we need to Remember in November. We need to clean House and the Senate while we are voting ...

Please forward this information to all seniors that you know. Remind them not o vote for incumbent Senators and Congressmen in the 2010 and 2012 elections.