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The Boomer spending boost

Posted on AllSides March 6th, 2023
From The Left
Brian Carlson/Bloomberg via Getty Images

What explains this year's pop in consumer spending? Boomers might be at least partially to blame.

The big picture: Social security recipients (of which retirees make up an overwhelming share) received an 8.7% cost-of-living adjustment this year — the single-largest increase in more than four decades. That is helping support spending, according to new research from Bank of America.

Driving the news: The bank's card spending data shows faster spending growth this year among households more likely to receive those payments, relative to those that don't.

In a new report,...

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