Social Security & Inflation: Keeping Up or Losing Ground? - AMAC & CNN

Tami Luhby of CNN writes here that Social Security is not keeping up with inflation and that many seniors may exact their ire over the issue at President Joe Biden. Two recent cost of living increases (5.9% in 2021 and 8.7% in 2022) were far higher than average, but it hasn’t helped seniors overall. Many are using debit and credit cards plus emergency savings for basic subsistence. The author analyzes the senior vote and the fact that next year’s COLA is predicted to be rather small as well despite persistently higher food and energy prices. Full article here.

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