Economists are famed for the phrase “on the other hand,” and the sobriquet fits in looking at the most recent report on the Consumer Price Index.
While Friday’s report on the CPI was benign -- no change in the overall price index and a modest change in the “core” index -- it nonetheless could be a downer to millions of people collecting Social Security payments
Under provisions of a 1975 law, Social Security benefits are adjusted each year based on the year-to-year change of the Consumer Price Index for Urban Wage Earners (known as CPI-W). For every year since the law was enacted, benefits have been adjusted upward each January, with a 5.8% boost at the beginning of this year, the largest since 1982.
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Posted By: Laura Reginelli
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