It also raises questions about the future: Is this inflationary environment transient, as President Biden says, or is this our new normal? Only time will tell. But some interesting signals, such as prolonged supply chain disruptions and continued wage increases, may indicate higher prices are here to stay.
Increase matters, but know what it means
The upcoming increase in social security benefits is good news for recipients; their respective standards of living will not decrease in 2022. But this is not only a cause for celebration: real concerns are at play in the economy at large, as well as on the balance sheet of SSA. It is best to view the COLA as a respite from the unwanted effects of inflation, but it must also be recognized as a necessary tool that the SSA has deployed to operate in a difficult economic environment.
The $ 16,728 Social Security bonus that most retirees completely ignore
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