{"id":26017,"date":"2022-10-11T12:06:22","date_gmt":"2022-10-11T12:06:22","guid":{"rendered":"https:\/\/staging.sightlinemg.com\/federaltimes\/uncategorized\/2022\/10\/11\/social-security-may-see-biggest-cost-of-living-adjustment-in-4-decades\/"},"modified":"2026-08-08T04:59:52","modified_gmt":"2026-08-08T04:59:52","slug":"social-security-may-see-biggest-cost-of-living-adjustment-in-4-decades","status":"publish","type":"post","link":"https:\/\/staging.sightlinemg.com\/federaltimes\/congress\/budget\/2022\/10\/11\/social-security-may-see-biggest-cost-of-living-adjustment-in-4-decades\/","title":{"rendered":"Social Security may see biggest cost of living adjustment in 4 decades"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON (AP) \u2014 Social Security\u2019s cost of living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not just old people who will gain. About <a href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10085.pdf\">4 million children<\/a> receive benefits, and an untold number of others also will be helped because they\u2019re being cared for by Social Security beneficiaries, sometimes their grandparents.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/apnews.com\/article\/inflation-economy-prices-f2270f4c6ac55c084108d57cc1aec53a\">High inflation<\/a> remains a burden on the broader economy, which has caused the Federal Reserve to raise interest rates in hopes of cooling high prices. But in many ways, inflation hits older Americans harder than the rest of the population. Medical costs are a big part of the burden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/apnews.com\/article\/biden-health-medicare-government-and-politics-8d0aadcb002e95dd2636852edf6973eb\">Coupled with a decline in Medicare Part B premium<\/a>, the Social Security COLA will put more money in the hands of the 70 million Americans who receive benefits. <a href=\"https:\/\/data.census.gov\/cedsci\/table?tid=ACSDP5Y2020.DP02&#038;hidePreview=true\">According to the U.S. Census<\/a>, in 2020, there were about 2.4 million grandparents responsible their grandchildren.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That number has increased <a href=\"https:\/\/www.opm.gov\/policy-data-oversight\/worklife\/reference-materials\/kinship-care\/\">exponentially<\/a> since the government has adopted a \u201ckinship care\u201d approach to child welfare, which centers on keeping kids in homes with their next of kin, as opposed to foster care.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And in turn, while Social Security is generally regarded as a program for older Americans, it also is the nation\u2019s largest children\u2019s support program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since the pandemic, Social Security has become even more important for children, as \u201cCOVID has taken a lot of parents,\u201d said Maya Rockeymoore Cummings, a nonresident senior fellow at Brookings Metro, which is part of the Brookings Institution, and the CEO of Global Policy Solutions, a social change strategy firm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The National Institutes of Health reported last October that <a href=\"https:\/\/www.nih.gov\/news-events\/news-releases\/more-140000-us-children-lost-primary-or-secondary-caregiver-due-covid-19-pandemic#:~:text=From%20April%201%2C%202020%20through,%2C%20security%2C%20and%20daily%20care\">at least 140,000 U.S. children<\/a> under age 18 had lost a parent or guardian due to COVID.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cummings says she estimates the actual number is much higher. \u201cWe should understand the increase in the COLA will have a positive net benefit on the entire household \u2014 not just older members of the family,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A <a href=\"http:\/\/globalpolicysolutions.org\/report\/overlooked-not-forgotten-social-security-lifts-millions-children-poverty\/#Social_Security_contributes_significantly_to_families_with_children_but_especially_to_families_of_color_with_children\">study by Global Policy Solutions<\/a> shows that African American children are in the greatest need of the added help from Social Security benefits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Grandparent caregivers are 60% more likely to live in poverty than are grandparents not raising grandchildren, <a href=\"https:\/\/www.opm.gov\/policy-data-oversight\/worklife\/reference-materials\/kinship-care\/\">according<\/a> to the U.S. Office of Personnel Management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Child Tax Credit program, which was expanded during the pandemic, helped tens of millions of kids and their families, contributing to a 46% decline in child poverty since 2020, according to a September Census report. But that program has ended and already there are indications t <a href=\"https:\/\/apnews.com\/article\/joe-biden-business-health-poverty-columbia-university-0974fed3323ec98a75998817815f4af1\">hat child poverty is increasing.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nancy Altman, co-director of Social Security Works, an advocacy group, said \u201cbenefits in many other federal programs are eroding \u2014 but the COLA makes Social Security unique.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAnd for the children who receive Social Security benefits,\u201d both directly and indirectly, \u201clow-income kids benefit the most,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">William Arnone, chief executive of the National Academy of Social Insurance, an advocacy organization for Social Security, said while the expected COLA is \u201cgenerous, it is just a catch-up\u201d for many older Americans who are often more impacted by price hikes caused by inflation, especially grandparents taking care of grandkids.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith Social Security, all generations benefit,\u201d Arnone said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coupled with a decline in the Medicare Part B premium, the Social Security COLA will put more money in the hands of the 70 million 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