The White House is touting a huge boost to Social Security checks. It's happening because inflation is sky high.

Sunglasses-wearing US President Joe Biden delivers remarks during a celebration of the 1990 passage of the Americans with Disabilities Act in the Rose Garden at the White House on September 28, 2022 in Washington, DC.
The White House has been slamming Republicans' intended cuts to Social Security and Medicare on Twitter and in press briefings over the past few weeks.
  • The White House credited Social Security's historic 2023 increase with Biden's leadership this week. 
  • That's despite Social Security cost of living adjustments being directly tied to inflation since 1972. 
  • Biden has been framing Democrats as the party of Social Security and Medicare during this midterm cycle. 

President Biden wants senior citizens to keep his name in mind when they collect their biggest Social Security payments in decades.

"Seniors are getting the biggest increase in their Social Security checks in 10 years through President Biden's leadership," the White House's Twitter feed announced on Wednesday. 

The boon to Social Security is accurate, but it's one that would happen regardless of Biden's stewardship. The increase is due to Social Security's annual cost of living adjustment, which is based exclusively on the inflation rate. The direct relationship between inflation and Social Security has existed since 1972, when President Richard Nixon signed automatic benefit adjustments. They're tied to the key measure of inflation, the Consumer Price Index. 

The Social Security Administration announced last month an 8.7% increase in benefit checks for seniors for 2023, in response to the fastest US inflation in four decades. It's the largest rise in Social Security payments in about that same amount of time, and will increase monthly Social Security checks by about $145 per month on average, according to the AARP.

The push to frame Democrats as the party of Social Security and Medicare over the past few weeks comes as they hurtle toward midterm elections in which Republicans are starting to outpace them and Americans have made it clear that the economy is their biggest concern

"Congressional Republican leaders are willing to leverage the global economy unless Social Security and Medicare are cut – risking the benefits that tens of millions of Americans have already paid into," the White House Twitter account also posted yesterday. 

In a speech at the Democratic National Committee last week, Biden used the phrase "Social Security and Medicare" 11 times, countering Republicans' rhetoric around reforming both programs. Although individual Republicans have largely avoided specifics about what that reform might mean, Democrats are starting to highlight that entitlement programs could see big cuts if the GOP gets a congressional majority, which are specified in the Republican Study Committee's proposed 2023 budget

Senior citizens — the group that primarily benefits from Social Security and Medicare — are also the most likely to show up to the polls. And protecting Medicare and Social Security are top issues for them, according to an AARP survey analysis

"We know that people 50 and older vote more than any other age group," Bill Sweeney, AARP senior vice president for government affairs, said recently. Sweeney also pointed out that overall turnout tends to be lower in nonpresidential election cycles like this one, making the 50-plus vote even more influential.

Read the original article on Business Insider


Contributer : Business Insider https://ift.tt/8nLGSsM
The White House is touting a huge boost to Social Security checks. It's happening because inflation is sky high. The White House is touting a huge boost to Social Security checks. It's happening because inflation is sky high. Reviewed by mimisabreena on Thursday, November 03, 2022 Rating: 5

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