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Social Security recipients to get cost-of-living raise of 5.9%, biggest since 1982

"There are a growing amount of estimates I'm seeing that inflation is going to continue into next year," said Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, an advocacy group. "I would not foresee that an almost 6% COLA is going to restore buying power if inflation continues into 2022."

The problem, according to [Senior Citizen League’s] analysis, is that the Social Security Administration relies on an index called the Consumer Price Index for Urban Wage Earners and Clerical Workers to set the annual increase for retirement benefits. That index doesn't include cost increases in Medicare premiums and it underweights the housing costs …

[cbsnews.com]

Garsco 8 Oct 13
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2 comments

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Let me see, inflation is rampant at more than 18% and the COLA is less than 1/3 of that. Sounds exactly like the kind of largess a leftist would brag about.

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You can check this if you like, all of the goods and services contained in the CPI are subsidized by government, anything outside of it is up to the market forces.

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