Social Security

The Future of Social Security: Will Social Security's COLA Boost Mean Benefits Run Out Sooner?

Rodney Brooks
February 21, 2023

Social Security paid benefits to 65 million recipients in 2021. Since 2010, the system has been bringing in less revenue than it pays out in benefits and covering the shortfall with its reserves. The 8.7% Social Security cost-of-living increase scheduled to be paid beginning in 2023 will provide vital income to retirees struggling to keep up with inflation, but could also put increased financial strain on the Social Security program. Here's a look at what could happen to Social Security in the future.

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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