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August 25, 2009

Third Rail Gives Seniors a Jolt

Posted by Dave Blount at August 25, 2009 7:53 AM

Anyone foolish enough to want their healthcare in the hands of Big Government might want to think again in light of Social Security benefit cuts.

Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. …
By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

Due to the moribund economy, inflation has been negative, even in the face of the mountains of money our reckless rulers have been printing. Consequently there will be no cost of living increase. But…

Advocates say older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation. Many also have suffered from declining home values and shrinking stock portfolios just as they are relying on those assets for income.

The whole program continues to take on water:

The retirement program is projected to start paying out more money than it receives in 2016. Without changes, the retirement fund will be depleted in 2037, according to the Social Security trustees' annual report this year.

Anything bureaucrats give you, even if it was already yours, they can take away. One thing they can never give you is security. According to Rasmussen, many of us have figured that out:

Sixty percent (60%) of voters are not confident that the Social Security system will pay them all promised benefits during their lifetime, with 36% not very confident and 24% not at all confident.

Meanwhile, the Obama regime is pushing through massive new entitlements that clearly cannot be funded, in a transparent attempt to collapse the economy and pave the way for communism, per the Cloward-Piven strategy.

On tips from TED and Henry.