Reprinted with permission from AlterNet.
As a result of inflation, people on fixed incomes find that their incomes decline in value over time. One extremely important feature of Social Security is that its benefits are adjusted every year automatically to offset increases in inflation so that the modest, but vital, benefits do not erode over time. It is important to understand that these adjustments are not increases. They are intended to simply allow people to tread water, to maintain their purchasing power.
Unfortunately, the government’s cost of living adjustment for Social Security is based on inflation experienced by workers, not by retirees and people with disabilities who are unable to work.…