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As Fears Of Inflation Grow, Those Eligible For Social Security To See Near-6% Increase In Benefits In 2022

CBS New York
CBS New York
 2 days ago

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HICKSVILLE, N.Y. (CBSNewYork) — The latest consumer price index has Washington and Wall Street worried about inflation, and so are consumers of all ages, even as the Social Security Administration announced that it will boost benefits for seniors.

Jimmy Fiore of Hickville isn’t surprised that consumer prices jumped more than expected last month — 5.4%, with food costs, especially meat and dairy, surging .

“I’m 69 years old. I’ve been through inflation before,” Fiore told CBS2’s Jennifer McLogan on Wednesday.

Due to the burst in inflation, Fiore and other retirees are learning that their Social Security benefits will jump 5.9% next year, the biggest boost in four decades — about $92 a month, as prices for cars, housing, and furniture soar.

“I would welcome that 5.9. I would like it,” Fiore said.

READ MORE : Fourth Stimulus Check: Will Another Relief Payment Happen This Year?

The increase, known as cost of living adjustment, will affect 70 million Americans.

However, Joan Tynan, a retiree from Forest Hills, Queens who was shopping with her granddaughter on Wednesday, said she is skeptical.

“An increase is always nice, but if you pay for it down the road?” Tynan said.

Martin Melkonian, a professor at Hofstra University’s Zarb School of Business, said, “I suspect this may not be permanent, that we have great ability to produce enough output in order for us to avoid long-term inflation.”

Energy, weather, labor, bottlenecks, transportation are all contributing to inflation. The supply chain problem is worrying consumers of all ages.

READ MORE : Smaller Products, Rising Prices: Shrinkflation Hitting Grocery Store Shelves

When asked if “inflation” is a scary word, nursing student Emily Lewis said, “It is, considering I am living paycheck to paycheck as a college student.”

“Entering the job market is terrifying if the word ‘inflation’ is hanging over your head,” journalism student Alexandra Whitbeck added.

Many hope it’s a blip, with a temporary solution.

“Don’t panic, but buy ahead if you can. If something is on special, or you can buy ahead and freeze it, it would probably be good to do that, especially coming into Thanksgiving,” said Jake Tavello, vice president of Stew Leonard’s.

“Stores have a lot of apps, coupons in the Sunday paper that I clip. I try to go from store to store to see where I can get the best buys,” Uniondale teacher Nathaniel Wilcox added.

As the holidays approach, experts advise against panic buying.

Some critics of the Social Security boost say a one-time cost of living adjustment is not the solution.

Comments / 500

Don Towery
2d ago

S.S. gets a 6% cost of living increases, while cost of living increases by more than 15% .Meanwhile Congress increased their pay by 25% .Isn't that the norm.

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Howard Hocking
2d ago

I really think people on Social Security should be making about the same amount of money as the house representatives make maybe even the Senators. because we're the ones who built the bridges made the steel that the partitions are letting rust instead of fixing. we rebuild Europe in Asia after World War II Korea and Vietnam on the American workers back while politicians gave our jobs away the union jobs where you made good money. that was all done by politicians. I think the politicians need to give us more of our money back. don't be thankful for somebody to give you back. we all paid into Social Security politicians gave it to immigrants refugees who were too old to work and who never ever put any money into Social Security in the United States. okay politicians time to step up for America we want our money back.

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Oliver73
2d ago

Yup while under BIDUNCE inflation will go up 30 percent still in the hole ...but sure welfare will be adjusted accordingly...need to go south of the border and enter as an ILLEGAL...more benefits...

Reply(57)
93

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