Next year’s benefit increase for Social Security recipients is projected to be one of the smallest increases ever, according to a new analysis by the Associated Press.
The AP projects that the cost of living adjustment (COLA) for the 58 million Americans who rely on Social Security will raise just 1.5 percent, meaning a $17-monthly increase. That would mark the second year in a row of “one of the lowest raises since automatic adjustments were adopted in 1975.”
“This [COLA] is not enough to keep up with inflation, as it affects seniors,” the Washington Post quotes Max Richtman, who heads the National Committee to Preserve Social Security and Medicare, as saying. “There are some things that become cheaper but they are not things that seniors buy. Laptop computers have gone down dramatically, but how many people at 70 are buying laptop computers?”
Sen. Bernie Sanders (I-Vt.) also raised concern over the small increase in a time of increasing senior poverty, and reiterated his warning that the push championed by some Republicans and Democrats to switch the way adjustments are calculated by using a “chained CPI” would bring a further attack to Social Security recipients.
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