I wonder how Florida seniors feel about not getting a Social Security COLA increase for the next two years. In fact, what do you think about it?
My area is a big retirement mecca and also has many merchants who are dependent on the spending of retirees. So lots of people are really grumbling about this proposal which appears likely to pass. Blanche Lincoln did not speak out against the idea, and my guess is that this fact will be the final thing that tips her re-election away from her.
For us, loss of the traditional increase is a potential loss of approx. $1800/year. It won't affect our lifestyle in any way, but does stick in the craw a little personally. It really upsets me, though, on behalf of the large number of seniors for whom Social Security is their main source of income. There are also states where the COLAs for retired teachers and retired state employees are tied to the Social Security COLA.
If tonight Obama does increase the cost of the war in Afghanistan by the expected amount and then also sucks disposable income out of the retired segment of the country (which also impacts the overall economy), I doubt that we would vote for his re-election. Our confidence is dwindling already. I don't see the brilliance I thought I saw when he was running for office.
I also think that if he does these two things it will contribute greatly to what I suspect will ultimately be a failed presidency. Too many seniors live on the edge now and medical, insurance, sales tax, utility, and food costs keep gradually rising. With CD rates so low, too, seniors will be squeezed even more. Many may turn to their children for help, making their children less kindly toward Obama, too.
In fact, I'm willing to bet that suspending the COLA (which has never been done in the history of Social Security) will ultimately prove to be one of the most stupid political decisions I've seen in my lifetime. Too many repercussions that will branch out through the economy. |
