SSI Increase for 2023

[RvNaut]

It was announced yesterday that Social Security will increase 8.7% for 2023!

 

[Sarah’s Travels]

I was pleasantly surprised!

 

[Dingfelder]

Best raise in 40 years. However, still only keeps up with "official" inflation. In other words, a huge loss.

 

[maki2]

A lot than better than nothing…

 

[Camper]

I will be real thankful to get it.

 

[Solarcoast]

I'm glad they increased it and gave a little relief to people, but it should have been a much larger increase. People on fixed incomes are struggling immensely right now and I don't think 8.7% is enough.

 

[user 32232]

I'm glad they increased it and gave a little relief to people, but it should have been a much larger increase. People on fixed incomes are struggling immensely right now and I don't think 8.7% is enough.

Combined with COLA increase from last year, that's 17.4% - I don't ever remember getting raises like that when I was a working stiff.

 

[Solarcoast]

Combined with COLA increase from last year, that's 17.4% - I don't ever remember getting raises like that when I was a working stiff.

I hear ya, I've never had a raise that large either. But then again I feel us working stiffs are getting screwed too.

 

[scaredycat72]

I'm overjoyed about it. And VA benefits are going up the same amount. Since it could have been 0%, I'm going to be grateful for the 8.7%.

 

[abnorm]

New Math ?

Combined with COLA increase from last year, that's 17.4% - I don't ever remember getting raises like that when I was a working stiff.

5.9 + 8.7 = 14.6

 

[RvNaut]

We need to keep in mind that some would eliminate SS if they had their say...... not to get too political, but those of us that depend on SS need to keep an eye on things...

5.9 + 8.7 = 14.6

100 x 1.059 = 105.90
105.90 x 1.087 = 115.11

So over the two year period it is a 15.11% raise

 

[frodo2222]

Combined with COLA increase from last year, that's 17.4% - I don't ever remember getting raises like that when I was a working stiff.

then again prices were not going up as much as now..looking at the raise or inflation is a stupid way to see it..look at purchasing power of a dollar when you were not getting those raises and what it bought you and what it gets you now... everything else is just hyperbolic

 

[Setback]

Combined with COLA increase from last year, that's 17.4% - I don't ever remember getting raises like that when I was a working stiff.

Last time they increased medical coverage, I doubt we'll see enough left over to cover the cost in food and fuel

 

[DLTooley]

Last time they increased medical coverage, I doubt we'll see enough left over to cover the cost in food and fuel

Yeah, both food and fuel have been riding faster than average inflation. In my State there have though been other benefit increases, plus the affordable connectivity program.

 

[Spaceman Spiff]

I eat a consistant diet. My grocery bill has gone up over 30% year on year from 2020. I don't even want to look at 2019 cost comparison.

 

[RvNaut]

We live in a Company Store. Corporations vacuum up most of American's income.

 

[bullfrog]

Just take a look at costs overall in other countries for the same items, especially medicines. We no longer are protected from monopolies as the large corporations and the few people with large sums of money have gotten them removed, changed or rendered impossible to enforce. Take a look at cell phone service for example, many countries have many more less expensive options for the same services due to competition and better regulations. I heard yesterday that 3 people in the USA have more wealth than 1/2 of the people living in this country (165 million?) something ain’t right! Problem is it is beginning to happen globally!

 

[Ballenxj]

then again prices were not going up as much as now..looking at the raise or inflation is a stupid way to see it..look at purchasing power of a dollar when you were not getting those raises and what it bought you and what it gets you now... everything else is just hyperbolic

Easy way to check. An ounce of Gold used to be called a $20. Gold piece. from the 1800's to early 1900's (I think) What is it now at $1640. per ounce? The ounce of Gold had the same buying power then as it does now but the dollar value of it has gone way up. Our dollar is being devalued before our eyes. Games being played.

 

[Dingfelder]

I'm glad they increased it and gave a little relief to people, but it should have been a much larger increase. People on fixed incomes are struggling immensely right now and I don't think 8.7% is enough.

Go to a site like Truflation and according to the metrics the govt.. used to use to evaluate inflation, we are well into the double digits in inflation. So the real rate of your money's devaluation is vastly greater than we are being led to believe..

 

[Dingfelder]

We need to keep in mind that some would eliminate SS if they had their say...... not to get too political, but those of us that depend on SS need to keep an eye on things...


100 x 1.059 = 105.90
105.90 x 1.087 = 115.11

So over the two year period it is a 15.11% raise

So divided by two years that is a 7.55% raise. Official govt. figures are 8.7, so you're still losing. According to the non-fiddled-with metrics the govt. used to use before it became more expedient not to, the increase is about half the rate of true inflation.