Social security will increase at a rate unseen since 1981. But should President Joe Biden take credit?
earlier this year, Mary Johnson, a policy analyst at the nonpartisan Senior Citizens League, said:"Of that group, 14 percent reported their benefits were adjusted in 2022 due to the 5.9 percent COLA received this year.
"Six percent reported that due to the 5.9 percent COLA they lost access to one or more programs altogether." "I would argue this does not make a high COLA bad," Johnson continued, adding that"higher taxes occur when anybody gets a raise, and few people turn down the raise for that reason alone.""It may mean contacting the Social Security Administration to increase withholding of taxes from your benefits, doing the same thing with the banks holding one's retirement savings accounts.
While the White House's actions may have affected the increase , the Biden Administration did not directly decide the COLA rise.The COLA increase, applied to Social Security payments, is the highest rate in ten years, unmatched since 1981. However, the increase is determined by inflation; while the White House may have contributed to current rates through its actions, it did not decide what the COLA change would be.Needs Context: The claim requires more information to set it in the appropriate context. The claim as presented may be partly true, but cannot be fully or correctly understood without the right context.
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