If you are on social security the gov adjusted the pay up based on cost of living adjustment (cola) for 5.9%. The inflation is just around that number.
Anyhow, if they give you anything under 5.9% you are not getting any raise, you are losing money.
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Wow, nobody knew that. Thanks professor! So zero is really negative 5.9%. So what are you going to do about it?
I saw an email that was sent to managers to how to calculate the mip. Supposedly, the average amount of the pay raise is supposed to be 3%.
I guess it's better than that nothing we have gotten the last 2 years
The "official" government inflation number (used to calculate COLA's) was around 7%......a 40 year high.
The problem is that the government doesn't tell the truth in reporting inflation. (It's done by both political parties by the way - not a D vs R issue) They do this so they don't have to raise the COLA amounts as high as they really should be each year.
For example, they say that if the price of beef goes up consumers will just switch to chicken. So they don't count the increase in beef in their numbers. There are a lot of these substitutions that are done.
The "real" inflation percentage is closer to 20%. John Williams of shadowstats.com calculates the increase without the substitutions. I think it's a fee-based service but he might have the overall values posted online.