Retirees’ big inflation raise may mean they’ll face bigger cuts sooner if something isn’t done to restore adequate funding.
Social Security is known as the third rail of politics. President Joe Biden has pounced on all who dare even think about curtailing the retirement program. In fact, this week cash-strapped retirees will get the biggest cost-of-living increase in 40 years, an 8.7% boost to protect them from inflation.
For many retirees on fixed incomes, that’s a godsend. Some Republicans are considering reforming the program, an idea that could be political suicide. It's also the right thing to do.
Continue reading the entire piece here at Bloomberg Opinion (paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
This piece originally appeared in Bloomberg Opinion