Inflation Alert! Social Security benefits and Supplemental Security Income payments for approximately 70 million Americans will increase 8.7 % in 2023, Social Security announced today.
Source: https://www.ssa.gov/news/press/releases/2022
The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Laborโs Bureau of Labor Statistics.
July FOMC Minutes: 'Apparent absence of a wage-price spiral.'
Yesterday's FOMC minutes: 'A number of participants commented that a wageโprice spiral had not yet developed but cited its possible emergence as a risk.'
In macroeconomics, a wage-price spiral is a proposed explanation for inflation, in which wage increases cause price increases which in turn cause wage increases, in a positive feedback loop.
u/peruvian_bull today: The wage price spiral has begun. Inflation has momentum. They'll need a Great Depression to stop it.
