How Social Security deals with inflation

The Social Security Administration is debating how much to increase payments in 2023 due to inflation, and the boost could be the biggest since the ’80s. We’ll explain the obscure measure it uses to calculate its annual cost-of-living increase. Plus, taking the ferry in New York City is about to get more affordable for some riders. And, Worldle meets board games! Here’s everything we talked about today: “Social Security checks could grow by about $175 a month as the cost of living continues to surge” from CNN “Why does BLS provide both the CPI-W and CPI-U?” from the Bureau of Labor Statistics Opinion | Roe v. Wade Overturned: What Do Pro-Choice Voters Think? from The New York Times “Wordle is getting an official party game” from Polygon “NYC Unveils Ferry Fare Plan to Have Poor Pay Less, Tourists More” from Bloomberg Join Kimberly and Kai tomorrow for Economics on Tap. We’ll be livestreaming on YouTube starting at 6:30 p.m. ET/3:30 p.m. PT.