- October 16, 2022
- Posted by: Stratford Team
- Category: Economy
STATEN ISLAND, N.Y. – It shows you how truly bad the economy is.
The Social Security Administration on Thursday announced that Social Security recipients will receive a cost-of-living adjustment of 8.7 percent next year.
That translates into an extra $146 per month in payments, or $1,827 for the year.
It’s the biggest COLA hike we’ve seen in 40 years. Which also happens to be the last time inflation was this bad. It’s not a coincidence.
Consumer prices rose 0.4 percent in September, according to CNBC, and are up a staggering 8.2 percent from a year ago.
Even excluding volatile food and energy costs, prices are up 6.6 percent over last year, the Bureau of Labor Statistics said.
That yearly increase in “core” prices was the highest we’ve seen since August of 1982, when the United States was in the grip of a double-dip recession which lasted from July 1981 to November of 1982.
The higher prices touch every aspect of our lives. You can see it for…
