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Retired Federal employees will see a bump of 8.7% Cost of Living Adjustment in 2023. Due to soaring inflation, the Social Security Administration also announced the similar bump for all recipients of 8.7%.
The article also said surging medical expenses unfairly impact older Americans so the large bump in pay will help but still not solve the actual inflation crisis. The article did not say how many more billions it would cost for the increase or where the extra funding will originate.
Also, not sure how the surging medical expenses ( or charges, anyway, have you seen how paltry Medicare reimbursements are these days? ) impacting older Americans is "unfair". The impact on older Americans is due to their higher use of medical services compared, as a group, to younger Americans. Anyone using medical systems with any frequency will be effected by the cost( well, those of us who pay for those services, that is). Nothing unfair about it.
Retired Federal employees will see a bump of 8.7% Cost of Living Adjustment in 2023. Due to soaring inflation, the Social Security Administration also announced the similar bump for all recipients of 8.7%.
The article also said surging medical expenses unfairly impact older Americans so the large bump in pay will help but still not solve the actual inflation crisis. The article did not say how many more billions it would cost for the increase or where the extra funding will originate.
We must remember that the Social Security COLA for last year was 5.9 percent. So, 14.6 percent over two years.
As for where the money will come from, I believe that the Social Security fund is still in good shape, with almost 3 trillion dollars:
An in depth read. Aligned into paragraphs of interest. Explains areas of program and solvency issues. Source congressional research service (one of the best).
Retired Federal employees will see a bump of 8.7% Cost of Living Adjustment in 2023. Due to soaring inflation, the Social Security Administration also announced the similar bump for all recipients of 8.7%.
The article also said surging medical expenses unfairly impact older Americans so the large bump in pay will help but still not solve the actual inflation crisis. The article did not say how many more billions it would cost for the increase or where the extra funding will originate.
Not enough to cover inflation, but at least they tried.
Lol. You must be unaware that working folks paid into what they’re getting. Working folks deserve and know this.
Fed pension yup!
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