The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures current inflation rates, is the primary source of data used to calculate the yearly COLA increase. The Social Security Administration bases the COLA increase on the percentage change in CPI-W from the third quarter of last year to the third quarter…
Inflation is one of the biggest problems facing the economy today. The newest statistics also revealed that the inflation rate unexpectedly pushed back up after seeming to decrease in the months prior, despite the Federal Reserve raising the benchmark rate almost a dozen times since March 2022 to attempt and contain inflation. Because of these…
The White House hopes that President Joe Biden’s emphasis on worker-friendly policies will help Biden win another election in 2024 when he heads to Philadelphia on Monday to observe U.S. Labor Day in a key swing state. Biden, a Democrat, will speak at an AFL-CIO union group event in neighboring Pennsylvania after visiting Florida on…
An inflation measure that the Federal Reserve constantly monitors stayed low last month, supporting indications that price increases are slowing, and increasing the chance that the Fed will maintain interest rates at its upcoming meeting in late September. According to the Commerce Department’s report released on Thursday, prices increased little for the third consecutive month…
In recent years, rising inflation has eroded the purchasing power of Americans because wages have not kept pace with rising prices. As the Federal Reserve raised interest rates multiple times to combat inflation, the cost of borrowing also increased. The Heritage Foundation, a conservative think tank, concluded in a December 2022 study that Americans had…
