(RightWing.org) – The cost of living continues to rise, and some of the hardest hit are Americans who rely on Social Security. Now, recipients could be in for the biggest raise in decades. But will it be enough to cover increased prices?
The US economy is facing serious challenges right now, and the biggest one is inflation. In March, the inflation rate hit 8.5%, the highest level since 1981. The biggest drivers of inflation are energy prices, which have risen a crippling 32% in the last year, followed by food at 8.8% — these are two of the primary expenses for most Social Security recipients.
Social Security recipients could see biggest cost-of-living raise since 1981https://t.co/S7U7HMChbi
— Mike F (@gupdiver) April 19, 2022
In October, the Social Security Administration (SSA) will finalize next year’s adjustment, the annual increase in Social Security to cover the rising cost of living. Last year the average payment rose by 5.9% — but soaring inflation has already wiped that out. The 2023 increase will need to be much more significant to compensate.
Recently, the Senior Citizens League, a nonprofit focused on older people, has upgraded its prediction for the adjustment from 7.6% to 8.9%. If the SSA provides the modified increase, it would be the largest increase since the Reagan administration boosted checks by 11.2% in 1981. Of course, whether that’s enough depends on Biden bringing inflation back under control. So far, he hasn’t shown any signs of achieving that task.
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