Effective January 1, 2023, Social Security recipients will see an adjustment of 8.7% which applies to their entire Social Security check.
Compare this humane way of treating seniors to the formula used by the State of New York: A New York public pensioner can expect to receive no less than a 1% nor more than a 3% adjustment to his/her fixed pension. To be entitled to an adjustment the inflation rate must be double. In order to get 1% the inflation rate must be 2%. In order to get the maximum adjustment of 3% the inflation rate must be 6%. And then to add insult to injury the pension upon which the adjustment applies is arbitrarily set at $18,000. The most one can expect is 3% of $18,000 or $540.00. This original formula is 22 years old. It's time to adjust the formula.
Please explain the inappropriate content below.
