It’s no secret that inflation has hit the United States, and Veterans are feeling growing economic pressures. The Social Security cost of living increase 2023 is slated to provide our nation’s heroes with the largest increase in several decades. When it’s all said and done, around 65 million Americans will be affected by the Social Security increases for 2023.
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What Is Social Security Cost of Living Increase for 2023?
The Social Security cost of living increase 2023 for Veterans will be an increase of 8.7%. This is the largest increase of what is formally known as the Cost-Of-Living Adjustments (COLA) since it hit 11%+ in 1981.
Aiming to help Veterans deal with inflation that has ravaged an already shaky U.S. economy, COLA 2023 will be up against very harsh conditions.
Experts use the Consumer Price Index (CPI) to determine what the average change in the price of goods is and will be for Americans. Many officials were shocked to learn that the CPI reached 8.2% in September.
The September 2022 CPI rose 0.4% despite federal rate hikes, which is an indication that Americans can expect to pay elevated prices for goods and services for the foreseeable future.
Social Security benefits COLA 2023 legislation will focus on assistance for programs run by the VA, allowances for clothing, disability compensation, benefits dealing with dependency and indemnity benefits, and more.
The law was signed by President Biden after being approved by Congress earlier in 2022. Some of those affected will begin receiving an increase beginning in December 2022.
2022 Is Kicking Veterans While They’re Down
One of the unfortunate themes of 2022 has been homelessness among Veterans, which has risen due to an increase in home prices and inflation. A disappointing economic place to be for a group that already has to deal with many additional factors that already aren’t in their favor.
The last few years have been anything but kind to the majority of Americans as the nation continues to deal with a range of economic hurdles ranging from a global pandemic to toxic political environments and more.
Our nation is built to overcome such situations, but it doesn’t mean that it’ll be easy to do so, and in the meantime, the heroes who fought to give us the right to remain free are some of those suffering the most.
Food scarcity, issues with employment, inadequate mental health services, and much more are all working against Veterans during a time of harsh economic realities. These realities only further highlight the need for a cost of living increase for Social Security 2023.
Many of the same factors Veterans face are directly related to such issues within the economy. The inability to provide food and shelter for oneself due to inflation only takes a terrible problem and makes it that much harder to deal with.
The 2023 cost of living increase for Social Security will provide Veterans with additional funding to help alleviate some of the pressures put on their shoulders and strengthen our nation as a result.
Is the Social Security Cost of Living Increase 2023 Enough?
An increase during these times is a welcomed sight, but for a group already in need of assistance, will this be enough?
Truthfully, only time will tell, and there’s no accurate amount that can ever repay Veterans what they deserve. As a nation that prides itself on patriotism, we must all do a better job of supporting those who defend our safety and rights.
It’s important and encouraging to see initiatives such as the Social Security cost of living increase 2023, but as we enter the last leg of the year and anticipate higher costs, fellow Americans helping one another can go a long way in making sure we all come out of this better off together.
Suggested read: VA Cost of Living Increase 2022 Promises Vets Better Standard of Living