This would be funny if it weren’t so incredibly awful. As the Federal Reserve ups interest rates another .75 points, with a promise of future increases because inflation rages on, Biden pointed out that Social Security income is increasing due to inflation. He didn’t quite say it that way, but that was the reason.
He bragged in a now-deleted tweet that seniors are getting the biggest increase in their social security checks in ten years through President Biden’s leadership.
That’s right, Joe, because the increase is tied to inflation.
“And on my watch, for the first time in 10 years, seniors are getting an increase in their Social Security checks,” Biden said. “So, checks are going to be up, and Medicare payments are going to be down.”
And it still doesn’t cut it because inflation is moving at the speed of his incompetence.
The new fairer Twitter then added a “context” label below the tweet, adding information that it “thought people might want to know.” The label reads that people “will receive a large Social Security benefits increase due to the annual cost of living adjustment, which is based on the inflation rate.”
The tweet also refers to the fact that it happened in 1972 under Republican Richard Nixon. The benefit adjustments are tied to the Consumer Price Index. The law included a minor debt extension bill authorizing the cost of living allowance (COLA).
Biden social media geniuses are giving Biden credit for the biggest Social Security COLA in 10 years, but neglect to mention that SS COLA is an automatic formula based on government inflation metric (CPI),” Republican Representative Thomas Massie of Kentucky tweeted.
Stuff that in your cap, you 81 million who voted for the most popular president in our lifetimes.
Whoops! White House deleted this tweet after context showed it’s basically Biden bragging about causing massive inflation. https://t.co/aI9vQYtbru
— Thomas Massie (@RepThomasMassie) November 2, 2022
The Social Security Administration announced the most recent COLA of 8.7 percent for Social Security benefits and Supplemental Security Income payments, starting in December and payable in January. The increase of more than $140 per month will impact about 70 million Americans.
Ahead of next week’s midterm elections, the White House has continually warned the American public about Medicare and Social Security threats if the GOP takes the majority in Congress. That is a desperate lie from desperate people. No Republican wants to take out Medicare or Social Security. They want to offer up several ways to SAVE it and put it up for a vote.
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Keep the flow of Joe’s idiocy coming!
Some folks may be waiting for election day.
Others like those of us overseas mailed our ballots in weeks ago.
The FED needs to be making 1.00 or 1.50 increases or even more if it’s serious about getting inflation under control. To halt inflation, borrowing money MUST BE more expensive than spending it. You can’t stop inflation when you can borrow money and pay it back in inflated dollars. The cost of money MUST exceed inflation so there is real cost to borrowing money. That’s just common sense. Interest Rates ALWAYS need to be 4% or 5% higher than Inflation to maintain a Healthy Economy. Since REAL Inflation is more like 18% or even 20%, interest rates need to be in the 20% bracket. Right now the Government and the FED are just turning Cash into Trash!
Facts don’t matter to morons who will just give Biden credit for the increase. Gas now $4 a gallon. Thanks a lot your motherF’er!