Headline RoundupOctober 14th, 2022

Social Security Recipients to See Biggest Cost of Living Boost Since 1981

Summary from the AllSides News Team

Veterans and retirees who receive Social Security benefits are set to get an 8.7% cost-of-living increase next year, the highest since 1981.

Key Quotes: The acting Social Security Administration Commissioner said the move will give beneficiaries "more peace of mind and breathing room." A Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group, told CNN that "it's too early to say" whether the boost will be enough to keep up with growing inflation rates.

For Context: The payment boost comes in response to the highest inflation rate in 40 years, and the move will affect roughly 65 million Social Security recipients. Someone receiving the average Social Security monthly payment of $1542 would see an extra $134 each month with the increase. Last year's cost-of-living bump for Social Security recipients was 5.9%, which also came amid record-high inflation.

How the Media Covered It: News sources across the political spectrum typically framed the news as a welcome development while inflation remains stubbornly elevated, but also highlighted voices who said the increase wasn't enough to keep up with higher costs. Both CNN and Fox Business highlighted how higher payments may push people into higher tax brackets and reduce recipients' eligibility for low-income safety net programs, such as rental assistance and food stamps.

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