News

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.

Subscribe to our free weekly newsletter!

A week of political news in your in-box.
We find the news you need to know, so you don't have to.

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.

Bryan Aung

Recent Posts

Conservative Podcaster Candace Owens Says Trump Thinks His Supporters Are ‘Stupid’

Right-wing conservative Candace Owens accused President Donald Trump of thinking his voters are "stupid," amid…

1 hour ago

Trump Accuses Nemesis Sen. Adam Schiff Of Mortgage Fraud, Calling For His Arrest

President Donald Trump is calling for Sen. Adam Schiff (D-California) to be arrested for alleged…

2 hours ago

Rep. Mike Lawler Announces He Won’t Run For N.Y. Governor, Clearing Way For Trump Ally Rep. Elise Stefanik To Win GOP Nomination

Rep. Mike Lawler (R-New York) announced Wednesday he will not run for governor and will…

16 hours ago

France To Officially Recognize Palestinian State, Trump Says Decision ‘Doesn’t Matter’

French President Emmanuel Macron announced Thursday that France will officially recognize a Palestinian state. Macron…

16 hours ago

After Trump Administration Releases Thousands Of Files Related To MLK’s Assassination, The King Family Cries Foul

On Monday, the Trump Administration released thousands of files related to the assassination of Martin…

21 hours ago

Former Trump Lawyer Todd Blanche Interviews Ghislaine Maxwell About Epstein Case For Justice Dept., Raising Ethical Concerns

The Department of Justice interviewed Jeffrey Epstein’s former partner, Ghislaine Maxwell, on Thursday following a…

22 hours ago