Here’s what the White House is expecting today’s Social Security COLA increase to be
(The Hill) — The White House predicted that Americans on Social Security will see a $140 per month increase ahead of Thursday when the Social Security Administration is expected to announce a cost of living adjustment (COLA).
“Tomorrow, seniors and other Americans on Social Security will learn precisely how much their monthly checks will increase – but experts forecast it will be $140 per month, on average, starting in January. For the first time in over a decade, seniors’ Medicare premiums will decrease even as their Social Security checks increase,” White House press secretary Karine Jean-Pierre said in a statement.
The COLA is expected to change by at least 8 percent, which would be the largest increase in four decades. The annual adjustment is determined by inflation, which fell to 9.1 percent and 8.6 percent in July and August, respectively.
The Labor Department is set to release data on consumer prices from September on Thursday.
Jean-Pierre said a COLA increase would allow Americans on Social Security to get ahead of inflation.
“This means that seniors will have a chance to get ahead of inflation, due to the rare combination of rising benefits and falling premiums. We will put more money in their pockets and provide them with a little extra breathing room,” she said.
She also took a stab at Republicans, mentioning Sen. Rick Scott’s (R-Fla.) tax plan that includes sunset provisions to such programs. Scott’s plan is not widely endorsed by other Republicans.
“MAGA Republicans in Congress continue to threaten Social Security and Medicare – proposing to put them on the chopping block every five years, threatening benefits, and to change eligibility,” Jean-Pierre said.
“If Republicans in Congress have their way, seniors will pay more for prescription drugs and their Social Security benefits will never be secure. The President has a different approach – one that continues the progress we’ve made and saves seniors money,” she added.
Persistently high inflation has plagued Democrats and affected President Joe Biden’s approval rating, and economists are expecting the consumer price index to have increased by 0.2 percent in September.
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