Social Security recipients won’t get a taxpayer-funded raise in 2016 after a still-sluggish economy and a drop in the price index showed seniors’ costs haven’t risen over the last year, the government reported Thursday.
Automatic increases are built into the law, but only if there’s an increase in the Consumer Price Index, but the Social Security Administration announced that consumer prices on the key measure were down over the last year.
The stagnant CPI means there won’t be any increase in the level of income subject to Social Security taxes.
• Stephen Dinan can be reached at sdinan@washingtontimes.com.
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