Shutdown Delays Social Security COLA Announcements and Benefits

The announcement of the 2024 Social Security cost-of-living adjustment (COLA) has been delayed due to the ongoing government shutdown, which also affects the release of the Consumer Price Index. The delay impacts millions of beneficiaries, with projections of a 2.7% increase, but concerns remain about whether this will be sufficient to cover rising costs. Lawmakers are considering alternative measures, such as using the CPI-E, to better reflect the expenses faced by older Americans. The shutdown and workforce cuts threaten the financial stability of the Social Security program.