A federal program that’s gone flat brings us this week’s Marketplace Money buzzword: COLA.
COLA stands for Cost of Living Adjustment — the pay bump you get as things get more expensive. Over 50 million Americans got a jolt of reality this week when the Social Security Administration announced next year’s COLA increase: 2.3 percent. The smallest in four years.
Experts say that energy and consumer goods are getting cheaper, thus Social Security recipients get a smaller sip of COLA. Not much of a consolation for cash-strapped seniors, who found the announcement less than bubbly.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
Give today and get our limited edition tote.