New formula would reduce Social Security increases

[marmar]

WASHINGTON (AP) — Just as 55 million Social Security recipients are about to get their first benefit increase in three years, Congress is looking at reducing future raises by adopting a new measure of inflation that also would increase taxes for most families — the biggest impact falling on those with low incomes.

If adopted across the government, the inflation measure would have widespread ramifications. Future increases in veterans' benefits and pensions for federal workers and military personnel would be smaller. And over time, fewer people would qualify for Medicaid, Head Start, food stamps, school lunch programs and home heating assistance than under the current measure.

Taxes would go up by $60 billion over the next decade because annual adjustments to the tax brackets would be smaller, resulting in more people jumping into higher tax brackets because their wages rose faster than the new inflation measure. Annual increases in the standard deduction and personal exemptions would become smaller. ..........(more)

The complete piece is at: http://news.yahoo.com/formula-reduce-social-security-increases-201418202.html

[HopeHoops]

1. Yeah, they cut a deal with Nestle to provide seniors with baby formula.

[newfie11]

2. Yeah and the increases we have had are few between n/t

[indepat]

3. "The biggest impact falling on those with low incomes" is consistent

with far-to-the-right governance, a violation of the promote the general welfare doctrine, obscenely depraved, misfeasance of the vilest order, and indicative of a grossly corrupt and venal Congress as the uber-wealthy and large corporation continue to suck mightily at the public welfare teat: it's as if the Congress is giving the OWS movement a big fuck-each-of-you middle finger. Of course that's just my opinion and I might be wrong. Maybe someone else can give it a politer spin. :patriot:

[RC]

4. Appearntly the news of the OWS and it's reason for being have not reached Congress yet.

Or at least not their owners.

[Downwinder]

5. Taking money out of my pocket takes money out of their stores.