By Mark Miller
New York Times
Social Security on Thursday announced an 8.7 percent cost of living adjustment, the largest inflation adjustment to benefits in four decades – a welcome development for millions of older Americans struggling to keep up with fast-rising living costs.
The cost-of-living adjustment for 2023, which will be applied to benefits in January, is based on the latest government inflation figures. The final COLA as the adjustment is known, was released after the Labor Department announced the Consumer Price Index for September, which came in at 8.2 percent. Medicare enrollees can anticipate some additional good news: The standard Part B premium, which is typically deducted from Social Security benefits, will decline next year.
The COLA, one of Social Security’s most valuable features, will give a significant boost to about 70 million Americans next year. While retirement comes to mind when most people think about Social Security, the program plays a much broader role in providing economic security.
In August, the program paid benefits to 52.5 million people over age 65, but younger beneficiaries — survivors of insured workers and recipients of disability benefits and Supplemental Security Income, the program for very low income people – added 17.9 million people to the total, according to Social Security Administration data.
The annual inflation adjustment has been awarded since 1975 under a formula legislated by Congress. Policy experts have debated whether the current formula accurately measures the inflation that affects retirees, but there’s little disagreement on the COLA’s importance in helping beneficiaries keep up with costs.
12 comments:
Still below the inflation rate.
But it's something.
Thank you, President Joe Biden!
Thank you, Democrats!!!
(Republicans want to END SOCIAL SECURITY)
A vote for Mayra Flores is a vote to help Republicans GUT Social Security. The Republicans have a plan to get rid of Social Security because for them SS is an entitlement. People not voting is a Vote for the Republican Party to undue all of the progress made after Trump was in power. All that shines is not gold. Mayra Flores is all over but underneath it all shes just a Mexican that Republicans hate but use. She's an Uncle Tom.
Honking his tractor-trailer horn at a Brownsville police officer who had conducted a traffic stop at the 7300 block of Boca Chica Boulevard landed a 40-year-old man in jail.
Oziel Pena-Perez was charged with one count of unnecessary use of an emergency horn and one count of driving without a driver’s license.
A TOTAL PENDEJO...
October 13, 2022 at 9:25 AM
And that Pendejo is on the road driving endangering our lives. I wonder who he works for? What business had him on the road?
Republicans (Mayra and Carlos Cascos) want to END Social Security. They will do it quickly if elected.
Vote no on these heartless clowns!!!
What you small minded people fail to understand is that the increase to the social security benefits comes not from Democrats or Biden, it comes from the people of this great nation who pay taxes. On another note, all this additional funding is to garnish additional votes. Kind of like the loan forgiveness. Seems to me that Democrats are running a little scared. But let’s never forget, that 30 or more years down the line someone will still be paying for the democrats’ mismanagement of federal funds. Thank you Biden, for giving us a little bone. You guys are true idiots.
October 13, 2022 at 9:47 AM
Delivery cotton truck, racist republicans think they own the world...
Here, Sandra Saenz, Tony Martinez, & Bruciak already took the raise from the elderly. Boo...Arse holes. . .
The democrats want to destroy Brownsville but you don't have to worry about this scenario, the democrats have been destroying Brownsville starting in the 70's and won't stop until they get all the taxpayers money and move to McAllen.
October 2022 at 4:46 PM
We know it comes from us. Social Security is with held from our weekly pay checks. IDIOTA
Brusyrass get one every year.
Brownsville PUB to hold special meeting; CEO on agenda
Show up and protest the crimes committed by these group the group you all elected to protect the city and its citizens. THEY HAVE NOT DONE IT PROTEST AND HAVE THE PUB CEO FIRED AND PROSECUTED CALL THE DA THE FBI DO IT
AND DO NOT RE-ELECT NO ONE EVER AGAIN...
FBI INVESTIGATE NOW, DA DO SOMETHING LIKE YOUR JOB.....
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