Tuesday, October 19, 2004

Social Security COLA announced

The Social Security fund must be getting a great return:

"The cost of living adjustments announced Tuesday will go to more than 52 million people. That includes 47 million people receiving Social Security benefits; the rest receive Supplemental Security Income payments that go to the poor.

The standard SSI payment will go from $564 per month to $579 per month for an individual and from $846 to $869 for a couple.

The average monthly Social Security payment for disabled workers will increase from $871 currently to $895 next year.

Monthly Social Security benefit checks have been adjusted automatically since 1975 to protect retirees' income from erosion caused by rising inflation. The largest one-year increase was a 14.3 percent jump in 1980, a period when the country was battling double-digit inflation.
About 9.9 million workers will have to pay higher payroll taxes next year because the maximum amount of Social Security earnings subject to the payroll tax will rise from $87,900 to $90,000. In all, an estimated 159 million workers will pay Social Security taxes next year."

Of coarse, there's no problem with the Social Security system as it stands. We will have plenty of workers paying in to the system to cover the baby boomers as they start drawing their share. Oh, and plenty more for the immigrants (legal or otherwise) who are eligible for SSI. Oh, and still plenty for those that receive disability payments. Everyone just go back to work, do your jobs, and don't worry about a thing.

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