Social Security Payments Going up 5.8 Percent

The Social Security Cost of Living Adjustment (COLA) will be 5.8% for next year.

This percentage is based on the Consumer Price Index. This is the biggest one year COLA increase since the 7.4% increase in 1982, and it's more than double last year's increase of 2.3%.

This could be a sign that inflation is increasing. Since the country is also slowing down into a recession, could this mean that we will suffer stagflation like the 1970's?

Also, this means that if you do not get a 5.8% raise this year, you will effectively be suffering a pay cut.