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Social Security COLA largest in decades as inflation jumps

BREAKING: Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.

10/13/2021 3:48:00 PM

BREAKING: Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic .

WASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic .

Democrats are attempting to use to deliver Biden’s promises.But Social Security’s turn will come, said Rep. John Larson, D-Conn., chairman of the House Social Security subcommittee and author of legislation to tackle looming shortfalls that would leave the program unable to pay full benefits in less than 15 years. His bill would raise payroll taxes while also changing the COLA formula to give more weight to health care expenses and other costs that weigh more heavily on the elderly. Larson said he intends to press ahead next year.

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“This one-time shot of COLA is not the antidote,” he said.Although Biden’s domestic package includesa major expansion of Medicareto cover dental, hearing and vision care, Larson said he hears from constituents that seniors are feeling neglected by the Democrats.

“In town halls and tele-town halls they’re saying, ‘We are really happy with what you did on the child tax credit, but what about us?’” Larson added. “In a midterm election, this is a very important constituency.”The COLA is only one part of the annual financial equation for seniors. An announcement about Medicare’s Part B premium for outpatient care is expected soon. It’s usually an increase, so at least some of any Social Security raise goes for health care. The Part B premium is now $148.50 a month, and the Medicare trustees report estimated a $10 increase for 2022.

Economist Marilyn Moon, who also served as public trustee for Social Security and Medicare, said she believes the current spurt of inflation is an adjustment to highly unusual economic circumstances and the pattern of restraint on prices will reassert itself with time.

“I would think is going to be an increase this year that you won’t see reproduced in the future,” Moon said.Policymakers should not delay getting to work on retirement programs.“We’re at a point in time where people don’t react to policy needs until there is a sense of desperation, and both Social Security and Medicare are programs that benefit from long-range planning rather short-range machinations,” she said.

Read more: The Associated Press »

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and then Medicare and Medicade went UP so that wiped out our increase. My $1400 per MONTH doesn't support me so maybe they should think about a $30K Universal basic income with NO income tax required from retirees like it is now. I seriously have to pay tax on my $1400 MO INCOME? Seniors really need this!!

It's one way to increase tax revenue. All those married seniors with modest incomes are a very soft target. What I mean is the marriage penalty is alive & kicking hard. When it comes to taxing SS benefits on couples. Income cap for singles: $32,000 -for couples: $44,000. Now do an increase in minimum wage for the same reason reason: inflation . Most boomer shit ever to take it for themselves yet deny inflation is real for people making minimum wage. The age group that takes for themselves then closes the door.

Payments are going up, cool cool 😎 Is Medicaid going to raise the income limit to match? Because if not this is just going to severely burden already poor elderly people. AND OUR PAYROLL TAXES JUST GOT HIGHER 79topper Don’t worry so much, Social Security and Medicare will be the primary target for Republicans, soon. It’s laughable that most of the complainers on this thread will vote for Republicans.

Yes as the cost of Medicare and everything else goes up. We are still stuck in the same boat that’s leaking water That's sad 39 years to get a raise. It's going to take 50 years to get minimum wage above 8 bucks. Gas up 42%, food average up 26%, meds up 12% .....and the COLA increase is 5.9% how does that make sense..seniors get screw AGAIN

Breaking even

EXPLAINER: Why Social Security COLA will jump next yearWASHINGTON (AP) — Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation. Waste more taxpayers money on Govt.control Ronald Reagan – pushed real estate off the Inflation Calculation. (for PR numbers) Maybe it is time to have two inflation numbers, one with and one without market volatility numbers. (oil for example) You will stop twitting inflation if understanding of this twit grows. Deflation You fight inflation with STABILITY. With Full Stability you can actually achieve DEFLATION. This requires Addition. Remember, Gallup, Ideals and Theology do not add. Profits from Productivity vs. Volatility Full Public Auditable Economic Studies

But Medicare is going to take it all so no real increase. Military Pay Raises were always followed by Military Clothing & Sales and Base Exchange price increases. Wonder how fast the SS raises will be followed by Medicare increases? Still keeping us below the poverty level. Thanks WOW! 90 bucks a month is the true definiton of crumbs FJoeBiden

It's real nice, don't get me wrong. But there's only so much more the rest of us in the working classes can bear financially. It's a lot of quid with not much pro quo. TaxTheChurches TaxTheRich TaxJeffBezosFFS overrunbydogs It’s not enough. Stop taxing it as income. Raise it and SSI disability at least 50%. My rent went up 30% as soon as the moratorium was over. I’m not so poor due to regular inflation. It’s the incredible cost of “Market Value” rent.

She got the jab? What’s going on here? yes ,the Astra*Zeneca,this happened on the floor of parliament yesterday in Austria.. Is the cost of Medicare going up? They killed half in the nursing home patients of course its more to give a increase now. Has anyone really got the real numbers 🤔

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So the virus causes inflation too? I guess Biden’s policies have nothing to do with it. This is great but some seniors that also qualify for Medi-cal now, will now lose that help because their income will sadly be over the amount allowed to qualify for extra help Great… Now Millennials and Gen Z’s will have to pay for a program that won’t exist by the time they retire.

Medicare premium and also rent increases will come in Jan when we get the COLA. Happens every time we get increase. With inflation & no adjustment for Food Stamps eligibility, we will be in a minus. Joe Biden ending wars, helping the elderly, actually fighting covid, infrastructure plans.. current pres is fantastic but yet domestic game players seem to want an internal struggle if only for the reasoning of 'Work hard, not smart'.

When they raise the Medicare Part B premiums, how much of the 5.9% will be left? _Politics Great news Guess you missed the whole part about it the government doesn’t fix the debt issue in December those checks won’t be hitting anyones bank accounts. People will lose their homes. But yay for 5.9% boost. doyourjobs

Holy moly…I’m going to faint!!!! Is this real? Omg, this is so overdue to SS recipients and they truly need it! Be nice to to afford gasoline again.

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I’m ready for the option to opt out of SS taxes marythepatriot Sounds fair Totals $55 more a month for me. But my health insurance went up $75. This is pathetic when corporations and billionaires pay nothing. It is so very appreciated, only, if they want to help, let them also make it illegal on a state level for rental places and medical/rx insurances etc to raise those costs by that amount + like usually happens. Otherwise no matter the raise, they make people upside down x2+.

Wonderful news! kimmyann1111 Not enough Awesome! Run it dry so I don’t get any! Should we get a decrease in student loans too? Just saying That sounds great in theory, as usual when there is a raise in SS, there is a raise on Medicare premiums, which usually is about the same amount. The percentage is about the same as the rising cost of food and products now. If costs keep rising at this rate, that's not a raise.

Don't forget the the corresponding increase in Medicare premiums. Put you at net loss.

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BaddCompani Yes a pay raise, but their insurance premium is going up too, so the net increase for some will be about 15-20 dollars. 🤷🏾‍♀️ So your saying the govt is acknowledging the cost of living has gone up. Young people still making the same tho, we're just 'not motivated' and 'lazy'... boomers keep getting the hand outs tho and then complaining how easy kids these days have it

Great. Just spend it till there is nothing left Sure-and those on housing (section 8 , vouchers,) -they take it from you when you do your yearly income adjustment with housing —your income goes up they take more💰. So increase doesn’t really mean anything- so they just give it back to the government every month anyway.

Cant forget the 3 tier Tax code system and China Tariffs, that's a further deficit squandering money thinking fake generated cryptic money indulged in Super Pacs and Pacs has any validity in Employee Benefits and Incentives in Functional Workmanships This sounds like a joke. Is this the same social security that’s supposed to run out before my generation gets any even though we’re paying into it now?! 🤔

Great, after the increase in Medicare, they each might get $20 more a month. Will this boost applied to soon to be retired as well?

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Yeah they're going to end up with a whopping extra $90. I'm sure that's going to change their entire lives. And it's still not enough - eating dog food, choosing between rent and heat, halving vital meds due to high cost & now being alone because of those choosing ignorance, hate, denigration instead of caring about those around them - it is still not enough

I'm waiting for the MAGA elders to cry 'Socialism!' and reject this increase. Military retirees should get the same raise. Thank you President Biden Please pass the bill to help seniors with dental, optical and hearing aids, and in home healthcare assistance. Please. You mean we can afford to eat in 2022. Finally food.

= pennies. Thanks Biden! Would be nice if we can get a living wage, at least in the most expensive cities, to meet inflation as well

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OptimistsPrime If America wants to reduce inflation America must TaxTheRich. The government prints money into the economy. Taxing the rich takes it out and reduces inflation. VA benefits as well?😉 Social security checks should be at least $2500/ mo, not $500. Nobody can live on that. About time and a whole 6%, oh boy!

Until the U.S goes into default. then they will have nothing. Blame All 206 House Republicans. Their motto? Feed the Rich, fuck the poor! Biden is the drag on basically everything wrong with the country at this point. It’s no coincidence that the country has been in a free fall since he was elected. 6% on a $500 check means less than nothing.

'Economy struggles to shake off the drag of the coronavirus pandemic' 🤔 that's very interesting way of explaining the absolute greed that's actually ruining our economy. It's pretty damn obvious what's actually happening when blame on the pandemic for this...... EXPLAINER: Rising inflation has triggered the largest jump in Social Security’s annual cost-of-living adjustment since 1983. Here's what the increase could mean for you.

Celebrate that the government has graciously decided to pay you more with your own money they are 'holding' for you...

sistertoldjah …as Joe Biden struggles to figure out he’s the problem standing in the way of economic recovery Does this include SS Disability? Have to love when Ponzi schemes pay out!! Good news 📰. Most of us pay to have Social Security benefits when we retire. From a very personal point of view ... NOT ENOUGH !

Now do the minimum wage But just wait…most likely the next announcement will be increased cost for Medicare insurance. Many have all ready been notified of price increases for the supplemental insurance cost. Be lucky to break even. It's about goddamn time. HopeSprings10 called it. Why didn't anyone think about this move last year

Better late than never I’ll take “bad policies” for $100, pls. And then our Medicare costs will go up 5.9% 😕 Whatever Happened to Penny Candy by Richard Maybury - please read. The cost of living under Biden (inflation) is $175/month. Social Security is going up approximately $92/month.🤨