Biden Administration Considers Boosting Social Security Checks By $2100 Annually
As inflation continues to rise at an alarming rate, President Joe Biden’s administration is considering increasing the amount paid in Social Security checks by nearly $175 a month.
The 10.5% increase would add to the $1,668 per month already being paid to most retirees.
With many experts predicting a recession is almost inevitable, that money could come in handy.
According to statistics from the Social Security Administration, the annual cost of living adjustment (COLA) rose by 9.8%. The rise occurred in a span of 12 months, outperforming predictions from the Fed, which was expecting interest rate increases to curb inflation.
At the current rate, some experts are predicting inflation in 2023 will rise by 11.5% from where it is now. Recently, Social Security checks got a 5.9% increase, but the rise has failed to match the pace of inflation. While both rates were close at first, inflation has outpaced the Social Security increase after a few months.
With these price hikes, consumers are likely to put more money into credit cards and go into debt just to live day by day.
The problem comes as the November midterms are inching closer. With a red wave expected to give GOP control of either one or both houses of Congress, the Biden administration has pushed several measures to curb the financial strain on Americans including releasing gas from the national petroleum reserve.
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