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The Numbers Game — 5 Comments

  1. Much the same here Grandad. My Social Security (there is a misnomer for ya), is going up but as in the past I’m fairly certain that my Medicare cost will go up by enough to cover that. It would help a great deal if the Senate and Congress would pay back some of the money they have “borrowed” from the SS coffers over the years.

    • It’s the same every year. They give us something and make a big fanfare out of it and then take it back [plus a good bit more] in stealth taxes. We are supposed to be grateful for this….

  2. Some genius in our government invented the triple lock for pensions, whereby the state pension will increase each year by inflation, as measured by the Consumer Prices Index (CPI), the average wage increase or 2.5% whichever is greater. Now, anybody halfway competent in simple arithmetic will tell you this is unsustainable in the long term but our current government promised to keep it for the term of this parliament.

    Until this year when:
    “During the Covid pandemic, many people were earning less than usual because they were placed on furlough.
    “Now, as people come off furlough and return to full pay, this has been recorded as a large rise in average earnings – an estimated 8% from May to July 2021.”
    https://www.bbc.co.uk/news/business-53082530

    In my world, a promise is a promise, but obviously a politician’s promise isn’t worth anything so:
    “Work and Pensions Secretary Therese Coffey has said the triple lock is to be suspended for 2022-2023. Instead, the state pension will be determined by either the inflation rate or 2.5%.

    “She said the triple lock would then be restored for the remainder of this Parliament, which ends in 2024.”

    I’ll believe it when I see it in my bank account. I was looking forward to that 8% rise. 🙁

    • This is perfectly normal. They make cast iron guarantees that can be rescinded at any time. Similarly they can make hard and fast laws which they are free to repeal or ignore as they please.

      The old saying about a verbal contract not being worth the paper it’s written on also applies to gubmint promises.

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