{"id":876155,"date":"2021-10-13T17:14:32","date_gmt":"2021-10-13T21:14:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=876155"},"modified":"2021-10-13T17:14:36","modified_gmt":"2021-10-13T21:14:36","slug":"social-security-inflation-adjustment-will-rise-by-5-9-reflecting-carter-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-inflation-adjustment-will-rise-by-5-9-reflecting-carter-years\/","title":{"rendered":"Social Security Inflation Adjustment Will Rise By 5.9%, Reflecting Carter Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsocial-security-inflation-adjustment-will-rise-by-5-9-reflecting-carter-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=876155&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Social Security\u2019s cost-of-living adjustment will be 5.9% for 2022, reflecting accelerating inflation in the United States, the Social Security Administration announced Wednesday.&nbsp;<\/p>\n<p>Every year, the Social Security Administration increases payouts to reflect changes in price levels. Indeed, the 5.9% hike for 2022 \u2014 which is the highest in four decades \u2014 comes as year-over-year inflation in the United States <a href=\"https:\/\/apnews.com\/article\/business-consumer-prices-inflation-prices-e80c0c24a6ec5ca1c977eccd6294d01b\">surges<\/a> to 5.4%.<\/p>\n<p>The <a href=\"https:\/\/www.ssa.gov\/cola\/\">Social Security Administration<\/a> explained that the rate hike will affect 64 million Social Security recipients and 8 million Supplemental Security Income beneficiaries.<\/p>\n<p>The adjustment is in line with rates <a href=\"https:\/\/www.ssa.gov\/oact\/cola\/colaseries.html\">witnessed<\/a> early in President Jimmy Carter\u2019s administration \u2014 5.9% in 1977 and 6.5% in 1978. After surging to 9.9% in 1979 and 14.3% in 1980, the adjustment began to decline once President Ronald Reagan and Federal Reserve Chairman Paul Volcker <a href=\"https:\/\/www.heritage.org\/international-economies\/commentary\/specter-rising-inflation-threatens-future-economic-freedom\">implemented<\/a> measures to stabilize inflation.<\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/news\/why-social-security-is-the-worlds-largest-ponzi-scheme\">Social Security<\/a> \u2014 which forces current workers to fund current retirees\u2019 incomes through payroll taxes \u2014 is plagued with solvency issues. Unless Congress raises taxes or cuts benefits, the program\u2019s trust fund is projected to run dry by 2034. According to the Committee for a Responsible Budget, the most recent benefit adjustment <a href=\"https:\/\/www.foxbusiness.com\/economy\/social-security-huge-cola-increase-deplete-fund\">could<\/a> \u201cdeplete the program\u2019s trust fund a year earlier than projected.\u201d<\/p>\n<p>Beyond the reality of rising inflation, higher Social Security payouts have implications for the federal government\u2019s spending habits.<\/p>\n<p>Democrats are seeking to enact a $3.5 trillion reconciliation bill that combines provisions of President Joe Biden\u2019s <a href=\"https:\/\/www.dailywire.com\/news\/nonpartisan-economists-say-bidens-infrastructure-plan-will-decrease-economic-growth\">American Jobs Plan<\/a> and <a href=\"https:\/\/www.dailywire.com\/news\/bidens-american-families-plan-is-far-from-a-new-deal-economic-boon\">American Families Plan<\/a> \u2014 a move that would further increase the role of the federal government in social welfare spending. Conservative lawmakers \u2014 including Sen. Rand Paul (R-KY) \u2014 are <a href=\"https:\/\/www.dailywire.com\/news\/rand-paul-blasts-congress-as-u-s-nears-30-trillion-in-national-debt\">raising<\/a> concerns that the expenditures will push the national debt above $30 trillion.<\/p>\n<p>\u201cPeople are saying we\u2019re going to give you free college, free cars, free cell phones, free this, free that,\u201d Paul recently explained on the Senate floor. \u201cEverything in life will be free; you won\u2019t have to work anymore. The problem is there are ramifications. Money doesn\u2019t grow on trees; money\u2019s got to come from somewhere.\u201d<\/p>\n<p>\u201cWe are spending money right and left. The Right spends it on military adventure, the Left spends it on welfare. The compromise that always happens around here is that Right comes together with Left and they all agree to \u2026 spend it on both.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Social Security\u2019s cost-of-living adjustment will be 5.9% for 2022, reflecting accelerating inflation in the United States, the Social Security Administration announced Wednesday.\u00a0Every year, the Social Security Administration increases payouts to reflect changes in price levels. Indeed, the 5.9% hike for 2022 \u2014 which is the highest in four decades \u2014 comes as year-over-year inflation in the United States surges to 5.4%.The Social Security Administration explained that the rate hike will affect 64 million Social Security recipients and 8 million Supplemental Security Income beneficiaries.The adjustment is in line with rates witnessed early in President Jimmy Carter\u2019s administration \u2014 5.9% in 1977 and 6.5% in 1978. After surging to 9.9% in 1979 and 14.3% in 1980, the adjustment began to decline once President Ronald Reagan and Federal Reserve Chairman Paul Volcker implemented measures to stabilize inflation.Social Security \u2014 which forces current workers to fund current retirees\u2019 incomes through payroll taxes \u2014 is plagued with solvency issues. Unless Congress raises taxes or cuts benefits, the program\u2019s trust fund is projected to run dry by 2034. According to the Committee for a Responsible Budget, the most recent benefit adjustment could \u201cdeplete the program\u2019s trust fund a year earlier than projected.\u201dBeyond the reality of rising inflation, higher Social Security payouts have implications for the federal government\u2019s spending habits.Democrats are seeking to enact a $3.5 trillion reconciliation bill that combines provisions of President Joe Biden\u2019s American Jobs Plan and American Families Plan \u2014 a move that would further increase the role of the federal government in social welfare spending. Conservative lawmakers \u2014 including Sen. Rand Paul (R-KY) \u2014 are raising concerns that the expenditures will push the national debt above $30 trillion.\u201cPeople are saying we\u2019re going to give you free college, free cars, free cell phones, free this, free that,\u201d Paul recently explained on the Senate floor. \u201cEverything in life will be free; you won\u2019t have to work anymore. The problem is there are ramifications. Money doesn\u2019t grow on trees; money\u2019s got to come from somewhere.\u201d\u201cWe are spending money right and left. The Right spends it on military adventure, the Left spends it on welfare. The compromise that always happens around here is that Right comes together with Left and they all agree to \u2026 spend it on both.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-876155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/876155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=876155"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/876155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=876155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=876155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=876155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}