Quote:
Originally Posted by Guest
It's been this way since 1975.
What is a cost-of-living adjustment (COLA)?
The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.
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Yes, COLA. There was a debate about how they measured it last year. There had been several ideas exchanged as to how they thought it might be modified or changed to be more in line with the economy. The price of food had gone up but the price of gasoline had gone down. I guess they never did come to a consensus on any change.