3. Change the COLA formula
The Biden-Harris administration doesn’t want the Social Security cost-of-living adjustments (COLAs) to be based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) anymore. So, they want to change the calculation system for determining it.
Senior advocates say that basing the COLA on the Consumer Price Index for the Elderly (CPI-E) does a better job of accounting for changes in healthcare expenses.
4. Hike SSA Funding
Newsweek reported that the Biden-Harris administration plans to increase the Social Security Administration funding by 9% from the 2023 enacted level. This way, customer service at SSA’s field offices bolsters state disability determination services teleservice centers for retirees, and services for individuals with disabilities and their families.
