No Raise for Social Security but Big Tax Increase

For the second year in a row Social Security recipients will not receive any increase in their pensions.   This is a foretaste of what current and future retirees can expect.  Most people who have been drawing social security for years draw payments in the range of 800 to 900 dollars a month.  They are elderly and are dying.  Those who are to retire in the next 10 years have projections in the range of 25000 dollars a month.  Those projections must be scaled down in social security can survive.  The retirement age may be increased again, but it cannot be increased enough to alone take care of  increased costs and decreased revenues.   Workers with many years left before retiring should not count on social security but try to provide for their retirement themselves.

Because of the failure  of  Obama and Congress to take action to prevent it, taxes will go up drastically in  2011.
The rich and financially well off won't be hurt, but low and middle income families will be hit with big increases that could impoverish them.  For example, a family with three children and earning $40,000 annually might pay two or three hundred dollars more a month.   An individual making only $20,000 will be paying much more, also.  Don't worry though, Obama and his family will be able to party several times a week, and Congress has taken care that senators and representative get an increase in pay.