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Periodic Contributor

Petition to share for COLA lawsuit

Petition for a Social Security COLA Fraud Class Action Lawsuit. Please sign and share this petition if you can. Thank you.

 

https://www.change.org/p/social-security-cola-fraud-class-action-lawsuit

 

If you would like to check out the attorney he has a youtube channel and goes live to answer questions related to social security every Thursday around 8 EST. Donates a lot of his time to people that need help.

 

https://www.youtube.com/@thelimelight10

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Bronze Conversationalist

@Mythic  As I recall, there have been a number of discussions regarding the accuracy and timeliness of the SS COLA. I think Congress or one its Sub Committees discussed using a different index called the CPI - E (Elderly) instead of the current CPI -W (Urban Wage Earners and Clerical Workers). As I understand the difference, the CPI - E places a weighting on certain costs unique to the folks who have attained age 62 or greater. It should be noted that the values or numbers that are monitored/tracked for all CPI variations are compiled by the Bureau of Labor Statistics (BLS). So, if there is fraud, should the Class Action lawsuit be directed to the BLS? I have read that the BLS acknowledges that the current CPI -W does not accurately reflect the rate of inflation experienced by subgroups such as the elderly or poor. So, perhaps the CPI - E needs to be studied more for consideration instead of a Class Action lawsuit. I am providing a link to how SS determines the COLA, if any. https://www.ssa.gov/oact/cola/latestCOLA.html Please note that the CPI from the third quarter of a past year is compared to the third quarter of the current year to be implemented the next calendar year.

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Periodic Contributor

Hi @Tonster521 I imagine the attorney would answer any questions you have. There is a specific video about this lawsuit, but he does a live show every Thursday at around 8 EST.

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Good luck! You can't fight city hall, as they say.

Gold Conversationalist

I dunno.

 

The Social Security retirement benefits are in a closed system with the SSA’s income from payroll taxes (and income taxes paid by high earners collecting SS benefts).

 

in a closed system there is no more money. It is nothing new that the SS trust is being depleted, we all know that. And in a dozen years or so the SS benefits will be supported only by current payroll taxes…and benefits cut as well!


So by claiming higher COLA it just makes the trust fund run out that much quicker. Is this really going to be beneficial to everyone?


For what it’s worth, many years of my working career I got raises that might not have kept up with inflation. Same with workers today who are also paying payroll taxes to support retired folks…like me.

 

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Periodic Contributor

Hi fffred. Hopefully it's just the first step in reforming the system. Other things are planned. Not all social security is paid from the fund, like SSI is funded through tax revenue.

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@Mythic 

 

I try to be very precise in my questions and explanations. The original post was about “Social Security”. This is a specific program administrated by the Social Security Administration for OASDI, "old age, survivors, disability insurance", for those who have paid into the Social Security System.

 

SSI is Supplemental Security Income, it is funded by general tax revenues, not paid for by those who have paid into the Social Security system. For the convenience of the federal government the SSA, Social Security Administration, administers the SSI system. SSI essentially replaced the welfare programs administered by individual states many years ago.

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Thus my reply was based solely on Social Security, OASDI, considerations. And they still hold.

 

But my reply was sort of a knee jerk reaction. I see a lot of posts here that seem to express unfounded or unrealistic expectations of the Social Security program. A lot of ideas that I find fault with even from my hyper-liberal political position. I do understand that there are many ways to skin the cat and determine what the "increase in cost of living" may be; and of course this depends greatly on who the determination of the actual increase in cost of living is made for. I have read some articles presenting the pros and cons of various types of "cost of living increase" that might be applied to Social Security (OASDI). I suppose my original objection still stands that the OASDI program itself has some serious funding issues and I feel it would be better to address these overarching concerns first and get into the details of COLAs as of less urgency.

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