Government
Cost-of-Living (COLA) Increase is an "inflation deception," say Experts in New
Book
Are you
aware that President Obama is Shortchanging Americans on Social Security? Social
Security benefits for nearly 58 million people will increase by only 1.5 percent
next year, says the Associated Press. "The increase is among the smallest since
automatic adjustments were adopted in 1975. Social Security pays retired workers
an average of $1,272 a month. A 1.5 percent raise comes to about $19." AP
continues, "Some advocates for older Americans complain that the COLA sometimes
falls short, especially for people with high medical costs."
Authors
Craig R. Smith and
Lowell Ponte see
COLA index as pure deception. "The U.S. government is expropriating Social
Security recipients by claiming inflation now runs 1.5 percent when
ShadowStats.com pegs it at between 7 and 11 percent," says Craig R. Smith in his
widely-discussed new book THE GREAT WITHDRAWAL. Smith is a
monetary expert frequently interviewed by Fox's Neil Cavuto and other prominent
business journalists.
"This
artificial (diet) COLA index also rips off taxpayers and investors - even those
who pay a premium for TIPS bonds which are supposedly protected against
inflation. It robs taxpayers, because the IRS supposedly adjusts its tax tables
to offset inflation - yet uses these deceptively low inflation numbers to do
so," adds Lowell Ponte, co-author and a former think tank futurist. "It harms
everyone who relies on Cost-of-Living increases to keep their head above water."
[more...]
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