The price-battered U.S. gropes toward more indexation
The nation's 35.2 million Social Security recipients are receiving a pleasant surprise this month. Their July checks have been increased by a helpful 14.3%. Like about one-quarter of all Americans, they are receiving a cost of living adjustment (COLA) designed to ease the pain of inflation. As double-digit price rises continue to erode their incomes, many weary consumers see a COLA as the pause that refreshes. But critics charge that automatic income adjustments may push the U.S. economy into a permanent inflation high.
Indexation, the system of pegging payments such as salaries or Government Social Security...
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