Cost-of-living adjustments are double-edged swords during periods of rising and volatile prices, and Social Security is set for the biggest one in 41 years.
https://www.bloomberg.com/opinion/articles/2022-09-06/a-raise-for-seniors-won-t-do-inflation-fight-any-favors
Bloomberg’s Jonathan Levin notes:
The US Social Security Administration is set to dole out perhaps its biggest cost-of-living adjustment in four decades next year. That’s a welcome development for the 70 million beneficiaries of the Social Security and Supplemental Security Income programs, but it also adds another subtle element of support to inflation and underscores the problem with high and volatile prices: Even the remedies set up to protect the most vulnerable can prolong the problem.
Related:
https://www.cnbc.com/2022/08/10/social-security-cost-of-living-adjustment-may-be-9point6percent-in-2023.html
Inflation rate based on CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W)) is used for adjusting Social Security benefit payments.
https://www.ssa.gov/oact/STATS/cpiw_graph.html
https://www.bloomberg.com/opinion/articles/2022-09-06/a-raise-for-seniors-won-t-do-inflation-fight-any-favors
Bloomberg’s Jonathan Levin notes:
The US Social Security Administration is set to dole out perhaps its biggest cost-of-living adjustment in four decades next year. That’s a welcome development for the 70 million beneficiaries of the Social Security and Supplemental Security Income programs, but it also adds another subtle element of support to inflation and underscores the problem with high and volatile prices: Even the remedies set up to protect the most vulnerable can prolong the problem.
Related:
https://www.cnbc.com/2022/08/10/social-security-cost-of-living-adjustment-may-be-9point6percent-in-2023.html
https://www.ssa.gov/oact/STATS/cpiw_graph.html
