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The COLA That Wasn’t
Maurie Backman explains how cost of living adjustments (COLAs) have historically done a poor job of helping seniors stay afloat financially in light of inflation. This holds true even when COLAs are fairly generous, as was the 5.9% increase of January 1, 2022. Seniors were paying higher prices for half a year, so any increase is purely catch up, not getting ahead or even staying even. Also, January’s Consumer Price Index rose 7.5%. Read Backman’s full piece here.
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