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Here’s How Much Your 2024 Social Security Increase Would Have Been If Joe Biden Had His Way

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Here's How Much Your 2024 Social Security Increase Would Have Been If Joe Biden Had His Way

The numbers are in. To be specific, one number that matters tremendously to retirees is in. On Thursday, the Social Security Administration (SSA) announced the amount of the “raise” that Social Security recipients will get next year.

Beginning in January, Social Security benefits will go up by 3.2%. But Joe Biden would like to see the annual cost-of-living adjustment (COLA) calculated using a different method. Here’s how much your 2024 Social Security increase would have been if Biden had his way.

Image source: Official White House Photo by Adam Schultz.

How Biden would like to change Social Security

In 2020, then-candidate Biden campaigned for president on a platform that included several proposed changes to Social Security. The biggest one in terms of preventing future benefit cuts was to increase the payroll tax cap to $400,000. He also supported several benefit increases. For example, he wanted to set the guaranteed minimum benefit to at least 125% of the federal poverty level.

Biden’s sole proposal about COLAs was to change the inflation metric used in the calculation. Currently, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is used. His presidential campaign platform called for this metric to be replaced by the Consumer Price Index for the Elderly (CPI-E). 

The CPI-E is similar to the CPI-W in that it measures the changes in prices of products and services. However, it focuses on price changes based on spending patterns for Americans ages 62 and above. In particular, the metric gives more weight to healthcare costs, which are a major concern for older Americans. 

What the 2024 Social Security COLA would have been

We don’t have to imagine what next year’s Social Security COLA might have been if the CPI-E was used instead of the CPI-W. It’s pretty easy to run the numbers for ourselves.

To determine the 2024 COLA of 3.2%, SSA compared the average CPI-W for the third quarter of 2023 against the average CPI-W for the third quarter of 2022. We only need to perform a similar calculation swapping out CPI-E in place of CPI-W to find out what the COLA would be if Biden’s 2020 proposal was in effect.

Based on data from the Bureau of Labor Statistics (BLS), the average CPI-E for the third quarter of 2022 was 320.934. The average CPI-E for the third quarter of 2023 was 333.882 — a 4% year-over-year increase. 

If Biden had his way, retirees would receive a 4% COLA in 2024 instead of a 3.2% increase. To paraphrase a comment he made that received a lot of attention when he was vice president during the Obama administration, that’s “a big deal.”

Not a pipedream

Unfortunately, these kinds of what-if scenarios don’t help retirees cope with inflation that remains higher than they would like. Although Biden included a proposal to revise the COLA calculation in his 2020 platform, he hasn’t pushed for the change during his time in the White House. There’s no guarantee that he would have been able to win enough support in Congress to actually implement the change even if he had fought hard for it.

However, replacing the CPI-W with the CPI-E isn’t a pipedream. A survey conducted by the University of Maryland’s Program for Public Consultation (PPC) in 2022 found that 59% of Democrats and 55% of Republicans supported using an inflation metric that reflects the spending patterns of the elderly to calculate Social Security COLAs.

The main knock against using the CPI-E is that it could make Social Security’s financial challenges only worse. The PPC calculated that the proposal would increase the looming Social Security shortfall by 12%.

To have any chance at gaining enough political support to revise the COLA calculation would likely require a package including other changes to increase revenue for the beleaguered federal program. Such major reforms just might be on the way within the next few years as the clock ticks down until Social Security’s trust funds run out of money. 

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How can a tax calculator simplify your tax filing process?

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Tax filing season can be a stressful time for many people. There’s a lot of paperwork to gather, and the tax code can be complex and confusing. However, a tax calculator app can help to simplify the tax filing process and make it less stressful.

Here are some of the ways that a tax calculator app can simplify your tax filing process:

  • Accurate calculations: A tax calculator app assist you to to appropriately calculate your taxes, deliberating all of your applicable income, deductions, and credit. This will let you to keep away from overpaying your taxes or making steeply-priced errors in your tax go back.
  • Easy to apply interface: Tax calculator apps are generally clean to apply and navigate, even for people without a tax revel in. This makes it easy to calculate your taxes and prepare your tax go back while not having to lease a professional tax preparer.
  • Convenience: Tax calculator apps are available from everywhere with a web connection. This approach that you could calculate your taxes at your convenience, from anywhere in the international.
  • Speed: Tax calculator apps can calculate your taxes in seconds, saving you time and trouble.
  • Tax making plans: Tax calculator apps also can assist you to plot your taxes and make informed choices approximately your finances. For example, you could use a tax calculator app to look how one of a kind tax deductions and credits will affect your tax liability.

In addition to these standard blessings, some tax calculator apps also provide capabilities which can make the tax filing manner even less complicated, together with:

  • Tax audit practice: Some tax calculator apps can help you to prepare for a tax audit by using reviewing your tax go back for capacity errors and omissions.
  • Tax coaching assistance: Some tax calculator apps can offer step-by way of-step commands and assistance with finishing complex tax forms.
  • Electronic tax submitting: Some tax calculator apps will let you to electronically file your tax return, saving you time and trouble.

Overall, a tax calculator app can be a precious device for taxpayers of all ranges of enjoy. By simplifying the tax filing procedure and making it extra efficient, tax calculator apps can assist taxpayers to save money and time.

Here are a few suggestions for selecting a tax calculator app:

  • Look for a comprehensive tax calculator app that can calculate all sorts of taxes, including profits tax, income tax, and property tax.
  • Choose an app with an smooth-to-use interface and accurate tax calculations.
    Make certain the app is up to date regularly with the cutting-edge tax laws and regulations.
  • Consider the usage of an app that offers additional capabilities which include tax audit preparation, tax education help, and digital tax submitting.

By following those guidelines, you could pick a tax calculator app that will help you to simplify your tax submitting procedure and make it less annoying.

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Live match blog – India vs Australia Final 2023/24 – Cricket Insights

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Live match blog - India vs Australia Final 2023/24 - Cricket Insights

Australia need 241! That’s the same total England and New Zealand made in the 2019 final.

The key to bowling on a slow pitch is to keep to your discipline and limit the damage. Australia chose to bowl knowing the margin of error was less than zero. They came face to face with that when Rohit Sharma was going bonkers at the start. And they survived it because their fielding has been unreal.

Travis Head pulled off a catch that may well rival the one Kapil Dev took in 1983.

India went 97 balls without a boundary; they managed just four since the end of the 10th over. They thought they were consolidating. But in came Pat Cummins, dismissing Virat Kohli. He is the first fast bowler to complete his full 10 overs in this World Cup and not concede a boundary. Later Mitchell Starc found reverse swing. In the knockouts he’s taken six wickets at an average of 14.

Adam Zampa saw the pitch being slow and he too took pace off, going down to 84 kph once. He gave away just one four in his 10 overs. Australia sized up the conditions and responded to them perfectly.

Head and David Warner and Cummins and Zampa were saving boundaries all over the place. The field placements were excellent too. They had an offside sweeper out for Rohit because they guessed he would try to hit them off their lines and lengths by making room to the leg side. They had deep third man very fine to Suryakumar Yadav because his V is behind the wicket, not in front, and along with that gave him no pace to play his ramps and scoops.

This game, if they win it, and there’s still a long way to go, especially if there’s no dew, was made back in the drawing board.

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Tim Henman suggests Carlos Alcaraz is the greatest of all-time in one key area

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Carlos Alcaraz in action


We may be a little too early to suggest Carlos Alcaraz could get into the discussion over who is the greatest male player of all time, but the Spaniad is certainly excelling in one key area.

Having lost his opening match to Alexander Zverev, Alcaraz knew only victory over previously unbeaten Medvedev would be enough to qualify for the semi-finals.

He achieved the feat in style, wrapping up a 6-4 6-4 victory to join the Russian in the last four on his debut in Turin.

Alcaraz’s superior sets record means he tops the group and will face Djokovic in a rematch of their unforgettable Wimbledon final, while Medvedev meets fourth seed Jannik Sinner, the only player yet to lose a match.

It was an impressive performance from Alcaraz after he lost his first match of the event against Alexander Zverev, as he continued an alarming slump in form that started with a defeat against Medvedev at the US Open.

Now the 20-year-old Spaniard is roaring back to his best, with his win against Andrey Rublev backed up by a victory against his great friend Medvedev.

During his commentary stint on the Alcaraz vs Medvedev match, former British No 1 Henman suggested the young Spaniard has separated himself from the greatest players the game has ever seen with his movement on the court.

“Is he the best mover to have ever played the game?” asked Henman.

“There have been some phenomenal movers, but from where I am sitting, I haven’t seen many quicker.

“We have had some great movers in the sport, but Alcaraz is right up there.

“There have been plenty of great movers in tennis, but his flexibility and control at the end of it is exceptional. His movement is just phenomenal.”

Novak Djokovic fans will argue their man has redefined how to move on a tennis court in the modern era, with his ability to slide on hard courts and contort his body into unnatural positions a skill that has helped him dominate the men’s game.

Roger Federer was also a divine mover when he was at his best, with his graceful presence on the court giving the impression that he was moving through the gears with relentless ease.

Rafael Nadal has also been a remarkable mover, with his dominance on clay courts helped by his sliding ability that has taken the sport on that surface to a while new level.

Now Henman may have started the ball rolling on a movement debate that will have no definitive answer, with Alcaraz admitting his movement was a big issue as he tried to find his feet on grass this summer.

The young Spaniard struggled on the surface in his first match at The Queen’s Club tournament in June, but quickly master the art of moving on grass as he lifted the trophy at that event and then went on to win Wimbledon.

“The most difficult part is to move well on grass,” said Alcaraz. “You need to be more careful than other surfaces, so for me to move on grass is the most difficult.

“The most comfortable (thing) is going to the net and playing aggressively all the time. For me it is similar to other surfaces with my style. Playing that style is comfortable and I like it.

“There are a lot of players who slice on grass. I am not one of them, so I have to think about the movement. I have to be focused on every movement and shot. For me it is more tiring when you are moving on grass. It is totally different, so you have to be really specific.”

Alcaraz’s youthful body allows him to be dynamic on court and that helps his movement, with the genius he can display on court helped by his ability to get to the ball quicker than his rivals.

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