It seems sometimes that the world is divided into two categories of thought.
One is a formal, somewhat rigid realm of facts and figures — it’s here where decisions are guided purely by calculations and there’s little room for emotion in reaching the final result.
The other is a little more philosophical in nature and deals with our vision of right and wrong. This school of thought sees some technicalities of our world take a backseat to what our conscience tells us.
When we’re talking about Social Security Cost-of-Living Adjustments (COLAs), is the case for yearly updates to the benefits retirees depend on a moral argument or an economic point?
Social Security COLAs: The Right Thing to Do, or the Sensible Financial Solution?
Anyone who’s lived on this Earth long enough to reach retirement age knows that life isn’t always fair — still, especially when it comes to something that you’ve contributed to, you expect to be rewarded fairly.
This is especially true when that “reward” isn’t really a bonus, a gift, or a gesture of good fortune — when Social Security COLAs represent the adequate return on the money that seniors have paid into faithfully for years, it’s only right that COLAs would become a regular tradition based on what seniors have fairly earned.
Even if legislators aren’t always concerned with doing what’s deemed right or fair, the financial data backs up the argument that Social Security payments are falling short.
Payments are more modest than many soon-to-be retirees realize. With inflation rising quickly, there’s never been a better time to make the economic case for COLAs.
So what’s the answer to our titular question?
The case for Social Security COLAs is moral and economic in nature. Those who make the argument for yearly adjustments are making a case for what’s logical and what’s right given the circumstances.
We make the case for seniors to get what they’re due and what they need — learn about NORA’s fight for seniors here then follow us on Facebook and Twitter for more Social Security news.
