The Social Security Benefits are scheduled to increase by 8.7% in 2023. This correlates with the current rate of annual increase in the CPI, aka inflation rate.
This increase is likely going to give some relief for seniors who are concerned about the inflation rate and how the price increases are affecting their income.
This is not going to be the same for the rest of the Americans, which probably will see their real wages decrease as their nominal increases will be less than the inflation rate.
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