Inflation is “only transitory” and is cooling off now?
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GOODER AND HARDER: 79% Blame Government Policy for Devastating Inflation Surge.
Social Security beneficiaries might be in for the highest cost of living adjustment (COLA) in nearly four decades, according to new projections.
The latest estimate from nonpartisan senior advocacy group the Senior Citizens League puts the 2022 COLA, which will be announced in October, around 6.2%.
“The estimate is significant because the COLA is based on the average of the July, August and September CPI data,” Mary Johnson, a Social Security policy analyst for The Senior Citizens League, said in a statement. “With one-third of the data needed to calculate the COLA already in, it increasingly appears that the COLA for 2022 will be the highest paid since 1983 when it was 7.4%.”
Cost of living adjustments, which began in 1975, are implemented in order to counteract the effects of inflation.
Federal Taxes Set Record Through July; Real Federal Spending up 47.7% From Pre-Pandemic High t.co/ndd6hx4FqL
— CNSNews (@cnsnews) August 12, 2021