Soaring inflation likely to boost 2022 Social Security COLA

Lovin Jesus

Well-Known Member
May 12, 2021 By Mary Beth Franklin

A senior advocacy group predicts benefits will rise 4.7% next year, based on the 0.8% increase in the April consumer price index.

Based on the 0.8% increase in the consumer price index in April reported Wednesday, Mary Johnson, Social Security analyst for the Senior Citizens League, projects Social Security benefits could increase 4.7% in 2022. That would be the largest annual cost-of-living increase in Social Security benefits since 2009, when the COLA rose 5.8%.
“This year we went from a Social Security COLA estimate for 2022 of 1.5% based on January 2021 CPI data to 4.7% based on April data,” Johnson said. “That’s inflation on steroids, mostly attributable to energy prices.”

The last report, released in April 2020, forecast the trust fund would run dry in 2035. At that point, Social Security would be able to pay only 79% of projected benefits unless Congress acts before then. There has been no indication when the 2021 trustees report will be released.

Full article
https://www.investmentnews.com/soaring-inflation-likely-to-boost-2022-social-security-cola-206351
 

Spartan Sprinter 1

Formerly known as Shaun
Here's something i pasted from our news a couple of days ago

he global economy is on course for a “devastating” rise in inflation in the next few years that will hit every corner of the Earth, Deutsche Bank has warned in a stark new report.

It says the world is going thorough its biggest shift in direction in 40 years in terms of economics and that it could lead to levels of inflation, in just a few years, that would wreak havoc with our lives.
Inflation – the increase in prices of the goods and services that we all buy – has for decades now been seen as the bogeyman of the economic world.
When the prices of everyday stuff like bread and petrol goes up, people tend not to be happy about it. History has shown us that when it spirals out of control – as it did in the years before the Nazis came to power in Germany – things can get out of hand pretty quickly.
Former US president Ronald Reagan summed up this fear by describing inflation “as violent as a mugger, as frightening as an armed robber and as deadly as a hit man”.
As a result, economies around the world have worked hard to keep inflation down.
 

Spartan Sprinter 1

Formerly known as Shaun
Here's another part of it

“Yet, there is little serious concern about debt sustainability on the horizon from investors, governments or international institutions.”

Similarly on inflation, they say the vast majority of central bankers and economists believe any rise in prices away from the historically low levels of the last decade will be a flash in the pan.

Grave concerns as inflation ‘re-emerges’

However, the economists at Deutsche believe this attitude is dangerous and they have grave concerns about what will happen in the next few years if inflation continues rising.

“We worry that inflation will make a comeback,” they warned. “Few still remember how our societies and economies were threatened by high inflation 50 years ago.

“The most basic laws of economics, the ones that have stood the test of time over a millennium, have not been suspended. An explosive growth in debt financed largely by central banks is likely to lead to higher inflation.

“We worry that the painful lessons of an inflationary past are being ignored by central bankers, either because they really believe that this time is different, or they have bought into a new paradigm that low interest rates are here to stay, or they are protecting their institutions by not trying to hold back a political steam roller.”

They warned it may take until 2023 but inflation “will re-emerge”.

“While it is admirable that this patience is due to the fact that the Fed’s (Federal Reserve) priorities are shifting towards social goals, neglecting inflation leaves global economies sitting on a time bomb,” they said.

“It is a scary thought that just as inflation is being deprioritised, fiscal and monetary policy is being co-ordinated in ways the world has never seen.”

They warned the consequences will be devastating for everyone on the planet – particularly, and ironically, the most vulnerable people the new economic policies were designed to benefit.

“Rising prices will touch everyone. The effects could be devastating, particularly for the most vulnerable in society,” they said.
 

Tall Timbers

Imperfect but forgiven
he global economy is on course for a “devastating” rise in inflation in the next few years that will hit every corner of the Earth, Deutsche Bank has warned in a stark new report.

It says the world is going thorough its biggest shift in direction in 40 years in terms of economics and that it could lead to levels of inflation, in just a few years, that would wreak havoc with our lives.

That's surely part of the plan to bring the world to a point of desperation so those doing all these evil things can usher in their one world govmint where we'll all own nothing and be happy.
 

Work4Peanuts

I like being just a Well-Known Member
I'd say this is the equivalent of the Carter administration 2.0, but this is most likely going to make 1977-1980 look like the good old days. In fact, it'll probably make the Great Depression look like days of heaven on earth in comparison. :doh
I don't know. The impression I got from Carter was just incompetence. Biden sold himself to the highest bidder to win the presidency. I believe that the puppet-master controlling Biden is maliciously out to destroy the US any way he can.
 

Batman

Well-Known Member
I don't know. The impression I got from Carter was just incompetence. Biden sold himself to the highest bidder to win the presidency. I believe that the puppet-master controlling Biden is maliciously out to destroy the US any way he can.
You are probably right about Biden but in a way I'm wondering if it wouldn't have mattered which of the original 20 got the nomination, because I think the voter fraud in the 6 or 8 states that swung to Biden would have been in play no matter the nominee. I even wondered for several months now if Biden was totally insulated from all the Dem corruption in careful planning b/c they know there is an army involved, the media are accessories, and the citizens are largely asleep at the wheel of the free republic.
 

TimeWarpWife

Well-Known Member
I don't know. The impression I got from Carter was just incompetence. Biden sold himself to the highest bidder to win the presidency. I believe that the puppet-master controlling Biden is maliciously out to destroy the US any way he can.
You're absolutely right about Carter's incompetence versus Biden's personally making millions of dollars off of selling political favors. Unfortunately, the outcome will be the same (or probably worse) ~ shortages, inflation, outrageous interest rates, gas lines, and a general overall feeling of doom.
 
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