There are some changes coming for Social Security in 2012 so this week’s poll is a two-parter.
The biggest change is the cost of living increase for Social Security recipients. The 3.6% increase to Social Security is supposed to be a cost of living adjustment to keep seniors up to speed with inflation, but some economists are predicting an increase in consumer spending as a result of this increase.
How is an increase in Social Security benefits possible with the economy in the shape it’s in? Payroll taxes. Everybody’s going to see a payroll tax increase in 2012.