5.9% Raise

[RSteve]

The Social Security cost-of-living adjustment will be 5.9% in 2022.

The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced on Wednesday. The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years. In 2021, the Social Security COLA was 1.3%. The last time the annual adjustment came close to that high was in 2009, when beneficiaries saw a 5.8% increase.

 

[Ranger107]

Yeah, big deal. A 6% increase in SS won't even begin to cover the rise in inflation for most products.

 

[ftrplt]

Of course those Part B and (if appicable) Part D premiums will be increasing!!! Plus we can be assured our other private health insurance (Medigap-type plans) rates will increase. Been to the grocery store twice this week; price increases have my complete attention!! FTRPLT

 

[Ranger107]

Yep, let year the increase in Medicare premium nearly offset the increase in payments. Think I wound up with a whole $18 more in my check, lol.

 

[Ranger107]

A year ago, before the election, premium gas at Costco here in Prescott was $2.19 a gallon. Now it is $3.39, a 55% increase. Not only have prices gone up on groceries but many times the shelves are bare of certain items due to the supply chain backlog. I would gladly forego the SS increase to have prices back where they were a year ago.

 

[Niblick]

A year ago, before the election, premium gas at Costco here in Prescott was $2.19 a gallon. Now it is $3.39, a 55% increase. Not only have prices gone up on groceries but many times the shelves are bare of certain items due to the supply chain backlog. I would gladly forego the SS increase to have prices back where they were a year ago.

Same here in Alabama with the gas prices. Beef prices have also become expensive here also. A 12 to 14 pound brisket runs around 75 to 87 dollars.

 

[Ranger107]

Yep, ground beef $4/5 a ib. Cheapie sirloin steak that was $3 a lb now $6. Heck, even dog food. The Pedigree canned food went from 68 cents a can at Walmart 6 months ago to 98 cents now, almost a 50% increase. Like the spinning wheels in the old time gambling halls, where she stops nobody knows, no lol.

 

[RSteve]

Yep, ground beef $4/5 a lb. Cheapie sirloin steak that was $3 a lb now $6.

Chicken is still cheap at Aldi.

 

[ftrplt]

I went to Costco two days ago to pick up some ribeyes for tonights dindin. 4-5 lbs. ran roughly $75-110 for four steaks! Guy next to me said he was liking chicken more and more these days!!!!! Good news is (I guess) Costco gas is $2.699 for regular at the moment!! FTRPLT

 

[RudyN]

I sometimes go to Costco for gas, but Safeway is closer and they are up to $4.08 per gallon and that is with a 10 cent a gallon discount-OUCH!

 

[RSteve]

I went to Costco two days ago to pick up some ribeyes for tonight's dindin. 4-5 lbs. ran roughly $75-110 for four steaks!

Which is why I have no problem spending $100 on an experimental tobacco blend or a bottle of liquor that I've never had before. On the other hand, untrimmed prime whole beef tenderloin was $29.99 lb. at Costco, while USDA, ungraded whole beef tenderloin was $7.99 lb. at Aldi. I bought Aldi's. I coated the trimmed tenderloin in a paste I made in the blender of fresh garlic, good olive oil, salt and pepper. I roasted it to 130 degrees internal, let it rest for 15 minutes, sliced it to about half inch thick, then drizzled a port wine reduction over the slices. It was a success.

 

[Ranger107]

Which is why I have no problem spending $100 on an experimental tobacco blend or a bottle of liquor that I've never had before. On the other hand, untrimmed prime whole beef tenderloin was $29.99 lb. at Costco, while USDA, ungraded whole beef tenderloin was $7.99 lb. at Aldi. I bought Aldi's. I coated the trimmed tenderloin in a paste I made in the blender of fresh garlic, good olive oil, salt and pepper. I roasted it to 130 degrees internal, let it rest for 15 minutes, sliced it to about half inch thick, then drizzled a port wine reduction over the slices. It was a success.

Maybe you should become a chef? In the current job market you could likely do quite well. I can't imagine paying $30 a pound for any meat. We only buy filet mignon when it goes on sale at Costco for $18 a pound.

 

[RSteve]

At age (almost) 77, my working days for pay are over. I retired in 2000 from a long successful career in the broadcast media. I have assisted caterer friends for decades and am considered an experienced cook. After multiple C4, C5, C6, C7 surgeries, spending too much time on a kitchen's concrete floor with head bent while slicing and dicing, I could wind up in a wheel chair or worse.
About three weeks ago, a restaurant owner literally pleaded with me to cover a few shifts. I was complimented, but gracefully declined.

I will continue to occasionally help out at a local shelter.

 

[Scallywag]

A year ago, before the election, premium gas at Costco here in Prescott was $2.19 a gallon. Now it is $3.39, a 55% increase. Not only have prices gone up on groceries but many times the shelves are bare of certain items due to the supply chain backlog. I would gladly forego the SS increase to have prices back where they were a year ago.

Costco has here is well into the mid $4 range now. It’s unbelievable how bad the country has gotten in just 10 short months .

 

[Ranger107]

Costco has here is well into the mid $4 range now. It’s unbelievable how bad the country has gotten in just 10 short months .

 

[RSteve]

It’s unbelievable how bad the country has gotten in just 10 short months .

The law of supply and demand will always control prices. The Covid pandemic has created supply shortages in virtually every sector, not the least of which is personnel. As significant numbers of workers have remained out of the workforce, competition for available workers has become fierce. In Minneapolis-St. Paul, you can negotiate to stock grocery shelves for $20.00 an hour, a job that pre-pandemic paid $12.00 to $13.00 an hour. Those raises in personnel costs will always be reflected in the prices paid for goods and services.

Yesterday, I went to Costco to buy leaf bags. I was stunned to see a guy I know, who is in his late 70s, checking sales receipts at the exit. Without getting too nosey, I asked him about his new career. He chuckled and said he works four 4-hour shifts a week, but could work more if he wanted. "Steve, it's 20-grand a year that pays all my taxes for sitting on a stool and waiving a felt tip."

The number of people 55+ who have decided to retire has created an incredible demand for available workers.
Low supply>high demand>higher personnel costs>higher prices.

 

[Zeno Marx]

I think we're spoiled, and it is one of the reasons the rest of the world shakes its head at us. What are gas prices in Europe? I believe around $7/g, and in Japan, $5.30/g. I know someone who just bought a new truck for $60K and is bitching about gas, but they get like 15-18MPG in town. Everyone is big into personal responsibility until it flies in the face of their preferences.

This supply chain bottleneck at our ports is interesting. I've been trying to follow, but it's super complicated. Even with China's manipulation of their monies and markets, they're hurting. Demand is way up, while supply is nowhere near recovering. The housing thing is my biggest concern. Financial groups going into towns everywhere and buying up homes so they can rent them at astronomical prices. "astronomical" is a very dramatic word, but it appears to be appropriate. So people can't buy homes because they can't compete with cash purchases and deep pockets, concentrating more wealth into the hands of the already wealthy, while also, and maybe more importantly, preventing young people from creating security and controlling their own futures.

I think I read an article last month that studied the Boston area. White people had an average overall wealth of around $250K, while black people were at $8. Yes, $8, as in 2 less than a $10 bill. I don't mention that to make it about race, but this is where the entire country could be headed. Single citizens and families won't have any accumulated wealth, be it their home or savings. They won't have anything at the end.