People on Social Security “benefits” will not see a cost-of-living increase in 2016. This is only the third time since 1975 that this has happened, and Social Security recipients are not happy about it for obvious reasons:
The annual cost of living adjustment, or COLA, is based on the government’s measure of inflation. This year’s lack of COLA has Social Security beneficiaries worried. “It’s terrible the way they’re doing old people that have worked all their lives and are barely getting enough to live on,” said 80-year-old Effie Wagers, a Social Security recipient. “Now they wanna take that? No, No. It’s not right,” she concluded.
This brings to the surface many major problems I have with the Social Security system.
First, Social Security payments should not be called benefits. Basically every single person on Social Security has paid money into the system. That’s not a “benefit,” then. That’s a dividend on an investment. But that brings up the second major problem: it’s a terrible investment.
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