Biggest Social Security COLA in Decades Amidst Rising Inflation | Government. & Politics

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But when it comes time for Social Security, John is chairman of the House Social Security subcommittee and author of legislation that addresses a growing shortage of programs that won’t be able to pay full benefits within 15 years. Representative Larson said. At the same time that his bill raised payroll taxes, he changed the COLA formula to focus medical costs and other costs heavily on the elderly. Larsen said he intends to move on next year.

“This one-time shot of cola is not the antidote,” he said.

Biden’s household package includes a significant expansion of Medicare to cover dental, hearing and visual care, but Larson said the elderly feel neglected by the Democratic Party. He said that he was listening to a member.

I’m really happy with what you did with the Child Tax Credit, but what about us? Larson said. “In the midterm election, it’s a very important supporter.”

COLA is only part of the senior citizen’s annual financial equation. An announcement about Part B premiums for Medicare outpatient treatment is coming soon. It’s usually an increase, so at least part of the Social Security increase will go to medical care. Part B premiums currently stand at $148.50 per month, and the Medicare Trustees report forecasts an increase of $10 in 2022.

Biggest Social Security COLA in Decades Amidst Rising Inflation | Government. & Politics

Source Link Biggest Social Security Cola in Decades Amidst Rising Inflation | Government. & Politics

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