(The Hill) — The White House predicted that Americans on Social Security will see a $140 per month increase ahead of Thursday when the Social Security Administration is expected to announce a cost of living adjustment (COLA).
“Tomorrow, seniors and other Americans on Social Security will learn precisely how much their monthly checks will increase – but experts forecast it will be $140 per month, on average, starting in January. For the first time in over a decade, seniors’ Medicare premiums will decrease even as their Social Security checks increase,” White House press secretary Karine Jean-Pierre said in a statement.
The COLA is expected to change by at least 8%, which would be the largest increase in four decades. The annual adjustment is determined by inflation, which fell to 9.1% and 8.6% in July and August, respectively.
The Labor Department is set to release data on consumer prices from September on Thursday.
Jean-Pierre said a COLA increase would allow Americans on Social Security to get ahead of inflation.
“This means that seniors will have a chance to get ahead of inflation, due to the rare combination of rising benefits and falling premiums. We will put more money in their pockets and provide them with a little extra breathing room,” she said.
She also took a stab at Republicans, mentioning Sen. Rick Scott’s (R-Fla.) tax plan that includes sunset provisions to such programs. Scott’s plan is not widely endorsed by other Republicans.
“MAGA Republicans in Congress continue to threaten Social Security and Medicare – proposing to put them on the chopping block every five years, threatening benefits, and to change eligibility,” Jean-Pierre said.
“If Republicans in Congress have their way, seniors will pay more for prescription drugs and their Social Security benefits will never be secure. The President has a different approach – one that continues the progress we’ve made and saves seniors money,” she added.
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Persistently high inflation has plagued Democrats and affected President Joe Biden’s approval rating, and economists are expecting the consumer price index to have increased by 0.2% in September.