Re: social security COLA increase 2.3% for 2008

On Thu, 18 Oct 2007 12:47:57 -0500, Matthew Scott
<scottm@xxxxxxxxxxxxxxxxxxxxxx> wrote:


Harry wrote:

[snip}
2.3% is the best this Democratically controlled Congress can do for us
this year? If they win the White House in 2008, they will inherit the
problem they largely helped create.

Congress has nothing to do with the adjustment of Social Security.

Legislation enacted in 1973 provides for automatic cost-of-living
adjustments, or COLAs.

The Social Security Act specifies a formula for determining each COLA.
In general, a COLA is equal to the percentage increase in the Consumer
Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the
third quarter of one year to the third quarter of the next.

The CPI is computed by the U.S. Department of Labor Bureau of Labor
Statistics.


Read this article to see how the cpi formula was changed in order to
lower SS increases.
Thumper
.

Relevant Pages

  • Re: How to Make Social Security More Fair
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  • Re: social security COLA increase 2.3% for 2008
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