Today the Social Security Administration announced that the 55,000,000 recipients of OASDI (“old age, survivor and disability insurance”) will receive a 3.6% cost-of-living adjustment.  The average transfer payment will increase by $43/mo. bringing average benefits to $1,229/mo.

Similarly 10,000,000 of the 161,000,000 workers paying into the program will find their taxes increased as the cap on the amount of income subject to Social Security (known as the “Social Security Wage Base”) will increase from $106,800 to $110,100.