Millions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year
WASHINGTON — — Millions of Social Security recipients will learn soon just how high aThe increase to be announced Thursday, expected to be the largest in 40 years, is fueled by
President Joe Biden has pledged to protect both Social Security and Medicare. “I’ll make them stronger,” he said last month. “And I’ll lower your cost to be able to keep them.” Willie Clark, 65, of Waukegan, Illinois, says his budget is “real tight” and the increase in his Social Security disability benefits could give him some breathing room to cover the cost of the household expenses he's been holding off on.
The financing setup dates to the 1930s, the brainchild of President Franklin D. Roosevelt, who believed a payroll tax would foster among average Americans a sense of ownership that would protect the program from political interference.
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