Allison Schrager, Columnist

Enjoy the Social Security Bump Now. You'll Pay Later.

Retirees’ big inflation raise may mean they’ll face bigger cuts sooner if something isn’t done to restore adequate funding.

October 13, 2022 at 10:00 AM UTC

By Allison Schrager

Allison Schrager is a Bloomberg Opinion columnist covering economics. A senior fellow at the Manhattan Institute, she is author of “An Economist Walks Into a Brothel: And Other Unexpected Places to Understand Risk.”

Postponing the inevitable.
Photographer: Ben Hendren/Bloomberg

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Social Security is known as the third rail of politics. President Joe Biden has pounced on all who dare even think about curtailing the retirement program. In fact, this week cash-strapped retirees will get the biggest cost-of-living increase in 40 years, an 8.7% boost to protect them from inflation.

For many retirees on fixed incomes, that’s a godsend. Some Republicans are considering reforming the program, an idea that could be political suicide. It's also the right thing to do.