COLA Social Security payment schedule 2022 — Inflation could cause highest cost-of-living raise since 1980s


Lawmakers want to change how adjustments are calculated

Social Security Act 2100Introduced by Representative John Larson, recommends a move to the CPI-E, according to CNBC,

During his campaign, President Joe Biden emphasized the move as well as other Social Security reforms.

Changes to the CPI-E, introduced in 1987 by the US Bureau of Labor Statistics at the behest of Congress, have also been advocated by Social Security and senior advocacy groups such as the Senior Citizens League.

In written evidence presented for a December congressional hearing, Nancy Altman, head of the advocacy organization Social Security Works, said benefits would not increase as a result of the transition.

“This only ensures that profits will not decrease, but will maintain their purchasing power over time,” Altman wrote.


Source link

Leave a Comment