Someone recently asked me; “Is it true that Trump is giving a 3.5% COLA next year?”
That’s a big, NO‼️
The idea that a president can give or not give or set the amount of a Social Security COLA is false. The COLA is based on a formula contained in the law. Congress can change the law, of course, but a president cannot.
The Social Security Trust has enough problems, we don’t need to create more by compounding unjustified COLAs.
In fact, if we were prudent, coupled with other changes affecting the working population we would trim or skip a COLA or two to help get the trust in better shape … but not to worry, prudence, fiscal responsibility, concern about debt and long-range planning are not the hallmark of our politicians or our society.