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A Social Security policy analyst for the advocacy group The Senior Citizens League is estimating the cost-of-living adjustment for 2021 will be zero based on consumer price index data through April and the continued impact of COVID-19 on the economy.
"The recent unprecedented plunge oil prices have all but wiped out the prospect of a Social Security cost-of-living adjustment (COLA) for next year," Mary Johnson, the policy analyst, said in a statement. The Senior Citizen League's estimate of no adjustment could change before October, when the Social Security Administration announces the COLA.
The lower price of gasoline, which dropped amid the coronavirus pandemic, is helping drive down the consumer price index. The Social Security Administration bases COLAs on the consumer price index.
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Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
