Could the 2023 Social Security COLA Make Inflation Even Worse?

Retirees are looking forward to next year's cost-of-living adjustment (COLA) for Social Security, and it's easy to see why. Beneficiaries are set to get their biggest Social Security increase in 40 years, as checks for recipients are on track to rise 8.9% as of the latest inflation report. According to conventional wisdom, a significant increase in the money supply during the pandemic contributed at least partially to today's high inflation as multiple rounds of economic stimulus injected capital into the economy in 2020 and 2021.