Inflation Alert! Social Security Announces 3.2% Benefit Increase for 2024. Today, September CPI reported 3.7% over the past year. The increase eaten by inflation!

Social Security Announces 3.2% Benefit Increase for 2024.

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024.
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits)
he maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.
The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $22,320. (They deduct $1 from benefits for each $2 earned over $22,320.)
The earnings limit for people reaching their “full” retirement age in 2024 will increase to $59,520. (They deduct $1 from benefits for each $3 earned over $59,520 until the month you turn “full” retirement age.)
There is no limit on earnings for workers who are "full" retirement age or older for the entire year.
Is higher than the Fed's 2% inflation goal...

(CPI) rose by 0.4% in September from August.
With month-to-month inflation continuing to grow, over the last 12 months, the all items index increased 3.7%.
This is all on the heels of a red-hot August (.6% month-to-month, 3.7% year-over-year).
Inflation is not slowing down!

Social Security Announces 3.2% Benefit Increase for 2024.
(CPI) rose by 0.4% in September from August.
With month-to-month inflation continuing to grow, over the last 12 months, the all items index increased 3.7%.
This is all on the heels of a red-hot August (.6% month-to-month, 3.7% year-over-year).
Inflation is not slowing down and just ATE the COLA!
Reminder, while banks have the liquidity fairy, 'we' get the promise of more rate hikes this year, Atlanta Fed President Raphael Bostic yet again enrichens himself inappropriately from his position.
To fix one end of their mandate (price stability) from the inflation problem they created, the Fed will continue sacrificing employment (the other end of their mandate) to bolster price stability by continuing to raise interest rates--causing further stress to businesses and households.
I believe inflation is the match that has been lit that will light the fuse of our rocket.