The White House also made a separate but similar statement on Twitter that prompted criticism. Which it later deleted after Twitter attached a note saying the tweet lacked context.
Biden doesn’t deserve credit for the increase, which is set by a law approved in 1972.by how much the consumer price index rises from the third quarter of the previous year to the third quarter of the current year. The provision took effect in 1975. Prior to that, benefits had to be increased by congressional action.
In each of the past 10 years, Social Security recipients received a cost-of-living adjustment, except for 2016, when the inflation rate was low enough that no adjustment was necessary.a cost-of-living increase of 8.7% for 2023, a bigger percentage than any year since 1981.Biden said,"On my watch, for the first time in 10 years, seniors are getting an increase in their Social Security checks.
In reality, Social Security recipients have received an inflation adjustment for nine of the past 10 years. The adjustments are based on a key inflation measure, as mandated by a 1972 law. White House,"Remarks by President Biden on Protecting Social Security and Medicare and Lowering Prescription Drug Costs," Nov. 1, 2022
Social Security Administration,"Cost-of-Living Adjustment Information for 2023," accessed Nov. 2, 2022
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