The Social Security Administration will raise benefits by 3.6% in January for about 72 million recipients, a cost-of-living adjustment that exceeds the 3.4% median wage growth seen by workers who stayed in their jobs, according to new data. Independent economist Aaron Terrazas says the gap reflects a shift from cost-of-labor to cost-of-living indexing and could deepen economic inequality.
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Aaron Terrazas
Independent economist