Backroom Budget Bomb

[Ivers]

I hate it that entitlements became a dirty word. And that trying to plan for one's golden years became "gaming the system." It's particularly disheartening to read the comments where people are turning on one another when they should be getting even more united against the 1%.

"The bill not only cuts benefits for people who are about to make their Social Security collecting decisions, but it also stops benefits that people are already collecting. This is an absolutely terrible precedent for Congress (and the administration, which is fully on board) to make. "

https://www.pbs.org/newshour/making-...ent-decisions/

https://www.pbs.org/newshour/making-sense/houses-proposed-budget-bill-will-devastating-effects-millions-social-security-benefits/

https://www.forbes.com/sites/kotlikof...rity-benefits/

[Ivers]

Here's another interesting tidbit--it seems everyone is getting hit with the 50% increase over time? Apparently the backroom has a cellar!

From what I understand, hold harmless is only a temporary advantage. If you are held harmless this year from, say, a $650 Medicare Part B premium increase, because there was no Social Security COLA this year, you’ll have to hand over your Social Security COLA next year — potentially all of it — and in future years as well until your Medicare Part B premium has been raised by the full $650. Of course, inflation may stay very low for many years. In this case, you’ll have lots of Medicare Part B premium hikes to pay off for many years as a result of no COLAs. Or stated differently, you’ll get your COLAs, but your total Social Security check won’t rise because your Medicare Part B premium, which is deducted from your check, will increase by the amount of your Social Security COLA.