That grim reality is that most of the program’s recipients are not going to see much or any of this increase as higher prices on a number of goods and services eat up their payout boost.
For example, the Congressional Research Service estimates that Medicare Part B monthly premiums will increase from $ 148.50 in 2021 to $ 157.70 per month in 2022. This equates to an increase of 6.2%, which is even higher than TSCL’s predicted COLA. Between 2000 and 2020, the average annual Medicare Part B premium increase was 5.9% compared to an average COLA for social security of 2.2% over the same time frame. And that’s not all.
According to the Bureau of Labor Statistics (BLS) inflation data from August, a number of other key categories in the consumer price index for all urban consumers (CPI-U) show signs of higher inflation. CPI-U is similar to an economic measure to CPI-W. In August, CPI-U shelter inflation rose by 2.8% over the following 12 months, food inflation rose by 3.7% and electricity up by 5.2%. While used car inflation may not affect Social Security retirees, they all need a roof over their heads, food on the tables, and electricity in their homes.
Disclaimers for mcutimes.com
All the information on this website - https://mcutimes.com - is published in good faith and for general information purpose only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.