Taxes, Benefits, and Inflation: When a Raise is Actually a Cut

Source: Garrison Center
by Thomas L Knapp

“With inflation rampaging across the US Economy, USA Today reports, Social Security recipients can expect a 2022 cost of living adjustment (‘COLA’) of up to 10.5%. For victims of the New-Deal-Era Ponzi scheme, which offers a measly return on ‘investment’ (paid for, like all Ponzi payouts, from new revenues), and which mostly functions as a way of subsidizing the retirements of longer-lifespan white middle-class women at the expense of shorter-lifespan black low-income men, a raise is always good news. Well, almost always. … In at least some cases, the COLA may end up costing seniors more than they get. As Martin Luther observed of certain people in his Commentary on the Sermon on the Mount, government’s ‘giving is of such a character, that the right hand gives, but the left hand takes.'” (08/04/22)