Social Security benefactors get bad news from the Biden administration after it announced that the program’s Cost of Living Adjustment (COLA) would be less than half the current rate of inflation.
According to The Western Journal, the program will increase monthly benefits by 3.2 percent in 2024, which is less than half the rate of this year’s 8.7 percent inflation. It provides support for over 71 million Americans on fixed incomes, paying out about $1.7 trillion each year.
Several seniors receiving Social Security benefits shared their disappointment over the administration’s announcement, with many finding that the comfort in the cost-of-living increase no longer matches the skyrocketing inflation.
“This is an important system, and we need to restore its solvency, because if lawmakers can’t do that, then Social Security and its basic financing design would have to be abandoned,” said Charles Blahous, a former Social Security trustee.
“I feel like there’s a lot of distraction in Washington,” said senior Karla Abbott, who is looking ahead to retirement next year. “Does anyone even care about what is happening with Social Security? I have no clue why they can’t come together on something so important.”
This comes after President Joe Biden announced last year that Social Security benefits will rise by 8.7 percent, a historic boost but a gain that will be eaten up in part by soaring inflation.
“On our watch, for the first time in 10 years, seniors are going to get the biggest increase in their Social Security checks they’ve gotten,” Biden said at the time.
The move could affect the president’s chances for another term at the White House, as a new poll suggests that Biden is in danger of losing the 2024 presidential election.
The Associated Press’ survey shows that only 24 percent of the population looks at the economy in a positive light, with a staggering 76 percent considering it in a state of decline.
“Biden’s handling of specific issues: Negative views on national economy, gun policy, and immigration; only a third approve. Slightly more positive on student loans,” the AP noted of the president’s performance.
“Partisan divide: Approval of the president and specific issues remains highly partisan. Older adults and college graduates more likely to approve of Biden’s handling of economy and gun policy compared to younger or less educated individuals,” the news outlet continued.
