Conservative Challenge of the Day #14: Which President made social security benefits increase with inflation?
Step up your Game asked:
Which U.S. President pushed social security benefits to increase based upon inflation automatically rather than based upon legislation increasing the benefits?
Which U.S. President pushed social security benefits to increase based upon inflation automatically rather than based upon legislation increasing the benefits?
Thank you for participating in Conservative Challenge of the Day. I admit they are cherry picked. But just questions I come across while learning more about this great country. Past couple of days, got a lot of people avoiding the question, so extra-challenge to Conservatives today to actually answer the question.
Thanks for the “answer” Rick.
Social Security Benefits
Social Security Benefits
Liberal challenge of the day…. where did you leave your b*tt plug?
Social Security Benefits
I don’t know. I do know why conservatives keeping dissing Social Security though. It’s not because they are really cared about the program which will run out of money in 2034. When in runs out in 2034, it could still run indefinitely by paying out 75% of benefits.
Whoops, there goes one of their talking points.
Social Security Benefits
That would be Nixon in 1972.
Now it’s my turn, which President lowered the retirement age for men to 62?
On another note, look up the Clean Air Act and creation of the EPA. I wonder what president signed the Act and called for the Creation of the EPA?
Social Security Benefits
If Social Security was used for what it was originally intended and not abused by the Democrats, who keep dipping into those funds for their useless pork, there would be no problems…..would there!!
Social Security Benefits
You mean giving people a larger percentage of the money back that was forcibly taken from them their entire life? Not sure, but I have no problem with the government paying back a larger portion of the money stolen from US citizens to fund this Ponzi scheme.
Social Security Benefits
I think it was Ford in 75 when the COLA’s were attached to Social Security.
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Nixon.
Social security’s funding problems were built in at the beginning of the program. It has always been and still is in the black, taking in far more than is needed to fund payments. The surplus goes to the treasury, but is on the books as money borrowed and owed to social security. So in a few years when the payouts begin to exceed the intake, the treasury must begin to pay back those IOU’s which will make today’s deficits look like chump change.
The problem at the very beginning was the formula for calculating future benefits. Long before there were COLAs in social security for those currently receiving benefits the program always planned on paying higher benefits in the future to keep pace with inflation. This formula was tied to wages. As wages increased, so would the pay outs of future benefits. The problem is that the due to very robust economic times wages grew much more than prices. This means that relative benefit (adjusted for inflation) of someone collecting today is far greater than someone collecting 40 years ago. So every new retirement generation has a bigger relative benefit than the last. Changing the ratcheting formula to be price-based (e..g. over all inflation) makes the problem much smaller. But that means that someone who is set to retire in 20 years will get less than under the current formula. But they will still get more than anyone today.
Social Security Benefits
In all fairness, I’ve studied some of your questions and you do not appear knowledgeable enough to challenge conservatives.
Maybe the format is more appropriate for you to ask conservatives questions to help fill the obvious voids in your knowledge.