Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
The Social Security Administration announced this week retirees would see a 3.2% increase in benefits in 2024, an adjustment that will cost the government billions of dollars more.
The new 2024 adjustment is far more modest than this past year. The 2023 adjustment was a whopping 8.7%, which came because of how hot the inflation was in 2022. Inflation has largely declined this year, although it is still higher than it should be. Inflation was running at a 3.7% annual rate as of September. The adjustment is about in line with the Federal Reserve’s expectations for the rest of the year. The Fed predicts inflation will fall to 3.3% by the end of 2023.
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