I'm told there may be cuts involved on our disability checks starting with the Fiscal Sequestration January 2nd, 2013.
Anyone know anything about it?
The scope of the law excludes major mandatory programs such as Social Security and Medicare.
The law forbids any cuts on SSI/SSDI and SS retirement benefits.I'm told there may be cuts involved on our disability checks starting with the Fiscal Sequestration January 2nd, 2013.
Anyone know anything about it?
The law forbids any cuts on SSI/SSDI and SS retirement benefits.
no cuts - but your medicare coverage may be impacted.
The law forbids any cuts on SSI/SSDI and SS retirement benefits.
Not accurate! Law CAN change and as what it stands, its still up in the air. There is no such laws that prevents government from cutting the benefits. I just checked.
They (Government) already discussing about entitlement reform. SSI/SSDI and SS are part of entitlements.
My point is don't assume they won't touch entitlements and be prepared. I am not saying that they will cut SSI/SSDI/SS and I hope it won't happen.
Yeah? Evidence, please......
I don't know about any cuts happening but I sure would not count getting any
COLA for next year. Has anyone gotten any letters saying they're getting more $$$ in 2013??
Don't forget Fiscal cliff. The COLA information is just an announcement of average cost of living increase. It does not necessarily mean that SS checks will go up by guarantee.
The cuts COULD cancel the COLA increase for January if congress passed them, and could cut them even further.
My point is, there is NO guarantees that it will go up or down and either way will happen. As of right now, no one really knows where we are heading.
That's not what CP was talking about.
He claims that law says that benefits cannot be cut to reduce the expenses, so he believes that existing benefits will be protected, however it will affect the new applicants.
If we goes over the cliff so the spending on some portion of entitlement will be reduced, so it is likely to affect the new applicants, but there are more spending cut with various programs, including defense.
The law require COLA for SS, SSDI, SSI, so it is based on inflation, if there is no inflation so it won't raise, if there is inflation, so it will raise. If you are talking about cancel the COLA so good luck with democrats because they won't cancel those.
You know, the formula of COLA has been changed over years. Remember three years in row where there is obvious inflation but none of SS gets raise on checks. COLA can be adjusted, changed anytime and it is one of their dirty way of cutting the benefits without anyone realizes it.
Even with COLA since 1970's, do you realize people getting social security checks during 70's actually have more spending power than today. I believe that COLA was intended to find a loophole to cut the benefits without anyone start to voice their complaint.
What was max monthly for SSI in 1970's for single person?
Please study "Spending power" what does that mean?
For example, in 70's car you can buy brand new car for less than $5K, now how much for same nice car? Probably around $25K, so that is 5 times more than it was 40 years ago. Now, if one earns same wage as it was in 70's and now, do they have same spending power? You can answer that question yourself.
The Inflation CalculatorWhat cost $5000 in 1974 would cost $22488.01 in 2011.
Also, if you were to buy exactly the same products in 2011 and 1974,
they would cost you $5000 and $1030.58 respectively.
I googled "spending power" but turned into nothing, except talk about government, etc.
There is problem in 1970's because inflation was high, so not went back to normal until early 1980's.
The Great Inflation Of The 1970s
I checked the inflation calculator, so it is normal for prices goes up based on inflation.
The Inflation Calculator
The minimum wage was $2 per hour in 1974.
Federal Minimum Wage Rates, 1955