WHERE'S OUR MONEY MR. MACK ? INFLATION RATE
SOCIAL SECURITY RATE
By law, Social Security payments are tied into the rate of inflation. Specifically, the inflation rates for the previous June, July, and August (as I recall). If, however the inflation rate is negative for the previous year (as in June, July, August of 2009), their is no increase in Social Security payments - nor, by law is there ever a cut.
So, for example, Social Security recipients got a 5% increase in 2009 (average of June, July, August 2008) even though the annual inflation rate was only 3.87%; and they received no increase in 2010, because there was no inflation in 2009.
But why didn't Social Security payments increase at all in 2011? There was an increase of 1.63% for the year in 2010, and a more modest increase the benchmark months of 1.1% for June, July, August. By law, Social Security payments should have increased by 1.1% in 2011. They didn't.
With gas and food prices climbing, SW Florida retirees need the increase that is due to us BY FEDERAL LAW.
Full faith and credit, Mr. Obama? Mr. Ryan? Mr. Mack?