Jill On Money: 2024 COLA fizzles out ...Middle East

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Jill On Money: 2024 COLA fizzles out
source : mercury news ( Middle East ) () 29
Before COVID, the annual October ritual of announcing the following year’s Cost of Living Adjustment (COLA) for Social Security recipients was a sleepy event. But since the inflationary spike that started in 2021, millions have been waiting breathlessly for the news. A bit of historical context: Although President Franklin D. Roosevelt signed the law that enacted today’s Social Security system on August 14, 1935, it was not until decades later that Congress added an extra provision which accounted for rising prices. Before that, benefits were increased only when Congress enacted special legislation. The COLA provision was part of the 1972 Social Security Amendments, and automatic annual COLA

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