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Tags: joe penland | social security | benefits | biden administration | increase | cost of living

Joe Penland to Newsmax: Small Social Security Benefits Hike Irks Recipients

By    |   Thursday, 10 October 2024 09:53 PM EDT

Social Security recipients are expressing dissatisfaction after the Biden administration announced a 2.5% increase in benefits for 2025, a raise many believe does not keep up with the rising cost of living.

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Joe Penland Sr., 74, a Texas businessman and founder of Quality Mat Company, voiced concerns Thursday on Newsmax about the program's future.

Penland, widely recognized as "Joe from Texas," told "Carl Higbie FRONTLINE" the adjustment by the Social Security Administration was insufficient for America's seniors.

"American people are taking the haircut," Penland said. "We're throwing out a little bit of chips to the elderly people and saying, 'Take this 2.5% and be happy with it.' Well, we're not happy with it."

More than 72.5 million Americans rely on Social Security benefits and Supplemental Security Income (SSI) payments. Still, the cost-of-living adjustment for 2025 has left many recipients concerned that their benefits are not keeping up with inflation and rising expenses. The increase falls short of the 2023 adjustment, which was 8.7%, according to AARP.

Penland, who has been outspoken about the country's financial direction, compared the situation to a broken promise, noting that workers and employers contribute to the Social Security system throughout their careers.

"We've paid it in all our life," he said. "Our employers have matched it. It's supposed to be there for you. It's been mishandled. There's no two ways about it.

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"If this was money in the bank and you went to get it 40 years later, [and it was gone] somebody would have to go to jail over this."

Penland's remarks echo the broader concerns about the sustainability of Social Security. The funds are projected to run out by 2035, which could reduce benefits to just 83% of what recipients are promised. This situation, Penland warned, could lead to severe financial hardship for millions of Americans.

"If we let this [Social Security] run out, we're going to double the poverty rate overnight. And that's an un-American event," he said.

With the U.S. national debt approaching $36 trillion, Penland also criticized the government for borrowing from foreign lenders, including countries such as China, to fund programs he believes are not benefiting Americans.

"We're borrowing money from people that don't like us," he said. "We cannot continue down this road."

As discussions about the future of Social Security continue, Penland's message is clear: America must prioritize its financial health and the well-being of its citizens over foreign obligations and programs.

"When you go to the ballot box this year, this is un-American. We cannot continue down this road," he urged.

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Jim Thomas

Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.

© 2024 Newsmax. All rights reserved.


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Social Security recipients are expressing dissatisfaction after the Biden administration announced a 2.5% increase in benefits for 2025, a raise many believe does not keep up with the rising cost of living.
joe penland, social security, benefits, biden administration, increase, cost of living
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2024-53-10
Thursday, 10 October 2024 09:53 PM
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