While Senate Democrats negotiate what to include in the party's sweeping $1.9 trillion budget reconciliation package, the price of almost everything is on the rise — or at least feels like it is.
The legislation seeks to upgrade the nation's social safety net by extending several coronavirus relief programs and by creating new support systems, such as universal pre-K and health coverage for certain low-income adults. What measures will make it out of the Senate remains to be seen, however.
As lawmakers argue, Americans are struggling with skyrocketing inflation that is pushing up the price of food, gas, cars and other items. Major supply chain disruptions aren't helping, forcing consumers to pay more for some hard-to-find goods.
But tens of millions of people will see more money in their pockets thanks to increases in benefits and wages that are happening regardless of what Congress ends up doing.
Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982.
The spike will boost retirees' monthly payments by $92 to an estimated average of $1,657 for 2022.
Social Security recipients getting largest increase in decades
It's the largest adjustment that today's beneficiaries have seen, said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League.
The roughly 70 million people who get Social Security, including retirees, Americans with disabilities and...
A Senate Democrat has proposed a bill to repeal the federal Education Freedom Tax Credit, which passed in President Donald Trump’s budget bill last year. Sen. Mark Kelly, D-Arizona, made numerous ...