OMG I was wrong-sort of
In my post regarding living on a fixed income I predicted that the AARP would be up in arms because there is no COLA for Social Security benefits in 2010, inflation or the lack thereof does not justify it and given that in 2009 the increase was 5.8% us seasoned citizens still have a pretty good deal. Indeed the AARP does have it’s undies in a bunch and on top of that the WSJ reports that members of Congress want the COLA calculation reviewed, is there no shame?
At a time when workers are being laid off, seeing pay cut or stay the same while trying to support their families, this so-called representative of older Americans wants more for the people in this country who already receive a disproportionate portion of our wealth (and yes, at 66 and 70 my wife and I are among them- I’m the young one by the way).
Now here is where I was wrong, without checking my facts and naively believing there was some logic in all this I stated that the Medicare Part B premium would be rising in 2010 because of health care inflation and the fact that the premium is supposed to represent 25% of the cost. Silly me.
In fact, there is a provision in the law that prevents an increase in the Part B premium in any year there is no increase in Social Security benefits. There you go, more efficient cost management of health care by our Congress.
The Medicare trust fund is in trouble starting when?