The Social Security Administration recently announced its largest cost-of-living adjustment in more than four decades. It's supposed to make up for this year's exceptionally high inflation, but SSA is using an outdated measure of price inflation that overstates the amount of inflation. Perpetuating this mismeasurement of inflation worsens the agency's financing shortfalls and highlights the necessity of enacting laws to repair Social Security's troubled finances. If Social Security’s finances are to be saved, federal lawmakers need to act swiftly.
