The Social Security Shell Game, by Dennis Miller

Social Security is flush with its one asset—the federal government’s debt! From Dennis Miller at theburningplatform.com:

Shell game with three cups - The Social Security Shell GameA friend sent me the recent announcement about the Social Security Cost-of-Living Adjustment (COLA) for 2021.

“Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in 2021.

The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021.”

Brian Anderson tells us, “The average Social Security benefit was $1,503 per month in January 2020.”

The average recipient is going to get a $19.54/month COLA increase. I sarcastically responded with “whoopee!”

They make a great fanfare out of telling recipients about their increases.

COLA Social Security Chart

Since January 2010, COLA increases have averaged 1.375%.

As a 15-year Social Security recipient, I know in December they send out the notification about how much you will receive the following month. Most, if not all, of the increase is taken back with increases in Medicare Premiums.

Brian Anderson continues:

“Social Security benefits have lost 33% of buying power since 2000. TSCL’s (The Senior Citizens League) analysis found that, over a 10-year period, average Social Security benefits of $1,075 per month in 2009 lost a total of $15,258 in financial growth from 2010 to 2019 when compared to the previous decade when COLAs averaged 3%.”

Why don’t benefits keep up?

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