“Social Security COLA for 2023 Set at 8.7%”

“Social Security COLA for 2023 Set at 8.7%,” by John Manganaro, ThinkAdvisor

Quote:

“With the final inflation data published for the third quarter, the Social Security Administration can set the final 2023 cost-of-living adjustment. A COLA adjustment of this magnitude is exceedingly rare, so retirees should enjoy it while they can, sources say. Even with a significant COLA for 2023, it will likely be hard for retirees to keep up with inflation.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Hold the champagne. The government pays this inflation-fighting cost of living increase with borrowed or printed dollars that add to money in the economy without increasing products and services for it to buy. In other words, more inflation. The ugly spiral ascends.