Vini Menti Uncategorized Proposed Cuts to Social

Proposed Cuts to Social

You may have heard by now that there are proposed cuts to Social Security and are not sure if this true or not, well, unfortunately, it is actually true.

Social Security is in trouble.

Before diving into the who’s and what’s of these proposed cuts to Social Security it must be stated that something needs to be done really soon as the program is in big trouble on paper.

Since 2018 the part of the Social Security program that provides retirement benefits (OASI) is and will be running at a loss each and every year.

This means that the amount of benefits that the OASI is providing to retirees is greater than the amount of money that the program brings in.

To provide some clarity on this huuuuge problem:

In 2018, according to the Trustees of Social Security:

  • The total cost to provide benefits within the OASI program = $853.4 million.
  • Total revenue for that year = $831.0 million.

There is an obvious shortfall of $22 million and the problem is not getting better, in fact the gap between benefits verse revenue is widening.

By 2022, according to the Trustees, the problem became:

  • The total cost to provide benefits within the OASI program =. $1,097.5 billion
  • Total revenue for the year = $1,056.7 billion.

The shortfall grew to $40.8 million in just 4 years and, again, the problem is growing larger annually.

The Trustees of Social Security, in its 2023 Annual Report, is reporting that:

  1. The costs to run the program are going to inflate by over 6.40%
  2. The revenue to provide benefits is only going to grow by 4.90%.

At these rates by 2032 the shortfall for the OASI part of Social Security will be $428.3 billion!

This is why the media is reporting that by 2032 the Social Security program may become insolvent.

Is Social Security really going broke?

What are the current proposed cuts to Social Security?

The Social Security Administration has 9 proposals for cuts to the program which all begin by the end of 2024 and they are:

1st Proposal: Reduce the annual COLA by 1 percentage point.

  • This option will decrease Social Security benefits for retirees.

2nd Proposal: Reduce the annual COLA by 0.5 percentage point.

  • Like Option #1, this proposal will decrease Social Security benefits for retirees. The only difference is the decrease will be half of Option #1.

3rd Proposal: Compute the COLA using a chained version of the consumer price index for wage and salary workers (CPI-W).

  • The Social Security cost of living adjustment (COLA) uses the 3rd Quarter monthly averages of the Consumer Price Index for Workers (CPI-W).
  • Social Security takes the averages of these 3 months in the 3rd Quarter and compares them to the previous year’s 3rd Quarter.
  • If the average is greater than the previous year, then there will be a COLA for those receiving benefits.
  • Chained Weighted CPI-W is a more accurate average where certain averages are disregarded if they are not in the norm.
  • This proposal will decrease benefits going forward.

4th Proposal: Compute the COLA using a chained version of the consumer price index for wage and salary workers (CPI-W) but start it in 2026 instead of 2024.

  • This proposal will decrease Social Security benefits for retirees, but will start 2 years later.

5th Proposal: Add 1 percentage point to the annual COLA for beneficiaries who have lived past a “specified age”.

  • It appears that only certain retirees who are a certain age and older will receive a COLA going forward.
  • This proposal may lower benefits across the board for retirees, but the good news, those retirees who reach the specific age may receive a COLA that would be higher than before.

6th Proposal: Compute the COLA using the Consumer Price Index for the Elderly (CPI-E).

  • The CPI-E tracks the expenses specifically for Americans who are 62 years of age or older.
  • Historically this Index is much lower than what the Social Security Administration uses and may lead to lower Social Security benefits for retirees.

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Silver rings have been used for thousands of years, but how much do you know about their benefits? Most of us don’t know that silver jewelry like rings can benefit our bodies. Yes, it’s more than just the bling and elegance because they have real powers too that can improve our health.

Indeed, silver rings are a beautiful way to express your style and individuality, but what else do they offer? Let’s drill down its benefits!

Different health benefits of silver rings

Fights viruses and infections

Silver rings are known to help reduce swelling and inflammation. This is because they have anti-bacterial properties, which help prevent infections in your body.

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Regulates heat in the body

One fun fact about silver is that it has a high thermal conductivity, which means it absorbs heat quickly and transfers that heat to other objects around it. Because of this property, wearing silver jewelry can help maintain a steady temperature within your body so that you don’t have to worry about getting too hot or too cold.

If you have skin allergies or certain illnesses, wearing a silver ring can help prevent them from worsening by regulating heat within your body. Therefore, preventing any drastic changes in temperature that could cause discomfort or illness.

Keeps emotional balance

The silver ring is an ancient symbol of good fortune and protection. It’s believed to bring peace, calmness, and balance to your life and protect you from evil influences.

It’s also said that wearing a silver ring will help you keep your emotions under control. If you’re stressed out, it can help you stay calm and relaxed so that you can deal with whatever’s causing you stress in the first place.

The best part about wearing a silver ring is that it doesn’t require any energy or effort on your part. It works automatically!

Reveals toxic substances

Silver is a metal that can be used to test for the presence of other metals. Likewise, it is a great way to test for other toxic substances because it has a low melting point and is highly conductive.

What do we mean by that?

For example, if a substance or liquid fell on your ring, it turns out blue or black, that substance can be toxic. Blue could mean that you have high sodium levels and need to adjust your diet.

Meanwhile, black means that other toxic substances such as lead or mercury could be near you.
Look good, feel good!

Here’s the bottom line! If you want to look good and feel good, then wearing a silver ring is for you. The beautiful designs will look great and make you feel confident, while the material has been proven to have many benefits for your health.

So get out there and find a beautiful silver ring that will bring out your inner confidence and keep you healthy!

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Modified sunrooms

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Four-season sunrooms

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