The Cruel Unnoticed Tax

Interesting insight over at bigpicture. All below from big picture.

http://bigpicture.typepad.com/comments/2007/10/dumb-headline-o.html

Next, we look at the real world consequences of this artificial self-destructive focus of inflation ex-inflation:

Social Security Checks to Rise 2.3%

Cost-of-Living Adjustment Is Smallest Since '03
Payments to Social Security recipients and most federal retirees will increase 2.3 percent in January. It is the smallest cost-of-living adjustment since 2003, reflecting a lower rate of inflation.The adjustment will increase the average monthly Social Security retirement benefit by $24, to $1,079. It is based on the rise in the consumer price index in the third quarter, a figure the Labor Department released yesterday.The increase directly affects the finances of about 50 million people, including more than 31 million Social Security retirees and 11 million people who receive disability or other supplemental income from the Social Security Administration. It is also a significant number to the more than 4 million federal government and military retirees, about 500,000 of whom live in the Washington region.

So despite the enormous rise in energy, food costs, housing expenses, insurance, medical coverage, we see that Social Security is barely budging.

When we said that "Inflation is the cruelest tax," now you know what we mean.

Y'all keep focusing on the core . . .