Posted on Jun 9, 2022
Will There Be a 2023 COLA Increase? MASSIVE 8.9% Social Security Increase Could Be Coming!
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FOR THE VETERAN OF THE VETERAN SHARE OF THE DAY
In this post, we’ll answer the question: “Will there be a 2023 Social Security Increase?”
While it’s still too early to know for sure, VA Claims Insider’s revised estimate (as of May 11, 2022) is a 2023 COLA increase of 8.9%.
Okay, let’s explore how we got to the revised number.
With soaring inflation in the U.S. economy, the Federal Reserve plans to institute a series of 6 rate hikes this year (likely a quarter to half point each), which will increase the federal funds rate to 1.9% by year end, slowing consumer spending and fighting inflation.
“The Federal Reserve aims to keep inflation around 2% each year. It’s primary mechanism to do so is to expand or contract the U.S. economy through interest rates. Reducing interest rates acts as a gas pedal while increasing interest rates acts as a brake. Right now, the Fed needs to get inflation under control, and the best way to do that is to shrink the economy and reduce consumer spending on goods and service. Thus, it’s time to pump the brake.”
Brian Reese – VA Benefits Expert & Author
Overall, the fed rate hikes are too little too late in our opinion, and thus, with soaring inflation in the economy, we estimate a massive 8.9% 2023 COLA increase.
PO1 William "Chip" Nagel Lt Col Charlie Brown SSG Michael Noll Lt Col John (Jack) Christensen Cpl Vic Burk MAJ Dale E. Wilson, Ph.D. SGT Charlie Lee PO2 Marco Monsalve SGT David A. 'Cowboy' Groth ] SSG William Jones Sgt (Join to see) SrA John Monette SFC (Join to see) SPC Michael Terrell SMSgt Anil Heendeniya CPL Douglas Chrysler A1C Medrick "Rick" DeVaney GySgt Jack Wallace CDR Andrew McMenamin, PhD SGT Mark Anderson
In this post, we’ll answer the question: “Will there be a 2023 Social Security Increase?”
While it’s still too early to know for sure, VA Claims Insider’s revised estimate (as of May 11, 2022) is a 2023 COLA increase of 8.9%.
Okay, let’s explore how we got to the revised number.
With soaring inflation in the U.S. economy, the Federal Reserve plans to institute a series of 6 rate hikes this year (likely a quarter to half point each), which will increase the federal funds rate to 1.9% by year end, slowing consumer spending and fighting inflation.
“The Federal Reserve aims to keep inflation around 2% each year. It’s primary mechanism to do so is to expand or contract the U.S. economy through interest rates. Reducing interest rates acts as a gas pedal while increasing interest rates acts as a brake. Right now, the Fed needs to get inflation under control, and the best way to do that is to shrink the economy and reduce consumer spending on goods and service. Thus, it’s time to pump the brake.”
Brian Reese – VA Benefits Expert & Author
Overall, the fed rate hikes are too little too late in our opinion, and thus, with soaring inflation in the economy, we estimate a massive 8.9% 2023 COLA increase.
PO1 William "Chip" Nagel Lt Col Charlie Brown SSG Michael Noll Lt Col John (Jack) Christensen Cpl Vic Burk MAJ Dale E. Wilson, Ph.D. SGT Charlie Lee PO2 Marco Monsalve SGT David A. 'Cowboy' Groth ] SSG William Jones Sgt (Join to see) SrA John Monette SFC (Join to see) SPC Michael Terrell SMSgt Anil Heendeniya CPL Douglas Chrysler A1C Medrick "Rick" DeVaney GySgt Jack Wallace CDR Andrew McMenamin, PhD SGT Mark Anderson
Will There Be a 2023 COLA Increase? MASSIVE 8.9% Social Security Increase Could Be Coming!
Posted from vaclaimsinsider.comPosted in these groups: 
COLA (Cost of Living)
COLA (Cost of Living)
Edited >1 y ago
Posted >1 y ago
Responses: 4
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Increases today simply shorten the time before we see cuts once revenue doesn't cover expenditures
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On the one hand, this is good. Cost of Living HAS gone way up due to inflation. This COLA adjustment is necessary to.maintaim standard of living.
On the other hand, this is doubly bad. First, this helps to let those responsible for the inflation of the hook, as it makes voters unaware or unaffected (or less aware / less affected) of what is being down to them. Second, the single largest factor in the inflation is massive government handouts. Solving the inflation caused by government overspending by... spending more... Well, that just doesn't work.
On the other hand, this is doubly bad. First, this helps to let those responsible for the inflation of the hook, as it makes voters unaware or unaffected (or less aware / less affected) of what is being down to them. Second, the single largest factor in the inflation is massive government handouts. Solving the inflation caused by government overspending by... spending more... Well, that just doesn't work.
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CPT Lawrence Cable
The current method of determining Cost of Living isn't exactly the most honest method available and it ignores things like housing cost, which would mean an inflation rate at least double what they claim now. COLA's are just there to throw the prol's a bone and much of it is tied to either contributed funds like Social Security that I paid for 48 years and still contribute to even though I drawing it, or retirements/VA that are contractual.
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