Here’s what the White House expects from today’s COLA increase in Social Security

(The Hill) – The White House projected that Social Security beneficiaries will see a $140 monthly increase before Thursday, when the Social Security Administration announces a Cost of Living Adjustment (COLA).

“Tomorrow, seniors and other Americans on Social Security will know exactly how much their monthly checks will rise by — but experts predict it will average $140 a month starting in January. For the first time in over a decade, seniors’ Medicare premiums will fall even as their Social Security checks rise,” White House Press Secretary Karine Jean-Pierre said in a statement.

COLA is expected to change by at least 8 percent, which would be the largest increase in four decades. The annual adjustment is driven by inflation, which fell to 9.1 percent and 8.6 percent in July and August, respectively.

The Labor Department is expected to release September consumer price data on Thursday.

Jean-Pierre said a COLA increase would allow Americans to stay ahead of inflation on Social Security.

“That means seniors will have a chance to stay ahead of inflation because of the rare combination of rising benefits and falling premiums. We’re going to put more money in their pockets and give them a little more breathing room,” she said.

She also took a stab at Republicans, noting Sen. Rick Scott’s (R-Fla.) tax plan that includes such programs with sunset provisions. Scott’s plan does not have broad support from other Republicans.

“MAGA Republicans in Congress continue to threaten Social Security and Medicare — proposing putting them on the chopping block, threatening benefits and changing eligibility every five years,” Jean-Pierre said.

“If Congressional Republicans have their way, seniors will pay more for prescription drugs and their Social Security benefits will never be secure. The President has a different approach — one that continues the progress we’ve made and saves seniors money,” she added.

Persistently high inflation has plagued Democrats and hurt President Joe Biden’s approval ratings, and economists expect the consumer price index to have risen 0.2 percent in September.