COLA increase for 2022

[GBArmy]

The Social Security cost of living inflation adjustment was just announced. For 2022 benefits will be adjusted 5.9%, which is the highest adjustment in many years. VA compensation benefits, by law, will also receive the same adjustment. Increases will start to show up in our January deposits. Inflation is a nasty thing but this will help ease the pain.

[Carl the Engineer]

Some good news.  Now, just hope my other mailbox monies can follow suit,

Just sayin,

Hamslice

 

[JR Reihs]

Yes this is some good news for a change when it comes to the COLA"s of the past. Lets be real though, the number should have been in the 11% range as we all know what the real numbers are, but when you are allowed to manipulate the basket of goods that are monitored it always make's it an easy skim by uncle sucker. We are back into the 70's on inflation so that 5.9 will get eaten pretty quick over the next few months if something does not change quickly.

[john999]

Our basic compensation rate is so low we will always be behind the eight ball no matter how big of a cola we get.   To maintain a middle class income we should be getting twice as much for compensation.  With my income today I could not even afford to buy the house I am living in these days.

[broncovet]

This is about a $185 dollar increase, per month, for single 100 percent Vets with no dependents.  

[john999]

One of the worst things about inflation is what it does to any savings you have.  If inflation went up 6% a year in 5 years your savings would have lost 30% of their buying power.  This encourages people to stop saving and just spend it. That in itself increases inflation.   The worst, of course, is food, gas and housing.  Housing inflation is exploding which would include rent and buying houses.  The CPI does not include gas and food where it really hits you.  When inflation gets really bad you have a price/wage spiral where wages get bid up to cover inflation which leads to more inflation.  I remember the 1970's after Vietnam when gas prices exploded and food and rent just went crazy.  The way it was "cured" was to increase interest rates so fast it caused a deep recession.   This did not hurt the wealthy, but it threw millions of working class people out of work myself included. I just packed it in and got the G.I. Bill and went to school until the dust settled.