The White House has predicted that Americans on Social Security will see an increase of $140 a month before 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 predict it will be $140 a month, on average, starting in January. For the first time in over a decade, seniors’ health insurance premiums will go down even as their Social Security checks go up,” White House press secretary Karine Jean-Pierre said. in a press release.
COLA is expected to change by at least 8%, which would be the biggest 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 Department of Labor is expected to release consumer price data from September on Thursday.
Jean-Pierre said an increase in COLA would keep Americans on Social Security ahead of inflation.
“This means older people will have a chance to outpace inflation, due to the rare combination of rising benefits and falling premiums. We will put more money in their pockets and give them a little more leeway,” she said.
She also took a stab at Republicans, pointing to Sen. Rick Scott’s (R-Fla.) tax plan that includes sunset provisions for those 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 changing eligibility,” Jean-Pierre said.
“If Republicans in Congress are successful, 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 money for seniors,” she added.
Persistently high inflation has plagued Democrats and hurt President Biden’s approval ratings, and economists expect the consumer price index to have risen 0.2% in September.