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A Bigger Problem With Social Security Than Benefit Cuts?
Chances are you’ve read about the automatic benefit cuts all will endure in a decade if Social Security is not reformed before then. But Maurie Backman says a more pressing issue now and in the near term are COLAs that do not keep up with the true cost of living. A 2023 report by the nonpartisan Senior Citizens League found that Social Security recipients had lost 36% of their buying power since 2000. A big reason boils down to how COLAs are calculated. Backman explains the current CPI-W calculation versus a proposal to move to a CPI-E metric that might be more generous to seniors. Full piece here.
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