CBS News reported tonight that Social Security recipients will not receive an increase in their benefits this year, the first time ever. CBS also reported that the COLA increase given last year was a record 5.8%.
I knew that the statements were incorrect, as proven by this chart.
Why can't CBS do a better job of fact checking?
The reason given for no COLA increase this year is due to the steep fall in the price of oil compared to last year. Oil (or energy) must play a HUGE part in the calculations for the COLA because everything else we buy increased in price.
I note also, after studying the chart in the link above, that three changes have been made to the time of year that the calculations are used. The chart shows a sharp decline in the COLA increase since those changes. I'm certain these changes were not made for the benefit of Social Security recipients.
Main Street: 1905
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