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health care costs, ahead of cola, i think they will definitely be ahead of inflation next year for seniors. >> -- has a couple of proposals, one is to just completely and more social security and just make it a government program that the congress has to vote on to basically reauthorize, recreate every few years. what is the democrats possession on social security going forward, including the cost of living adjustment of calculations, that in the past, republicans have tried to change those calculations so that they will produce a much lower cost of living adjustment and the one that is being delivered today? >> yeah, lawrence, republicans up their ideas about social security. we call them horrible, horrible list, horrible lawyer, and horrible lest. horrible is ron johnson's idea, the government of fun social security every single year and let's govern on it.
insulin. so we have good news on the health care costs, ahead of cola, i think they will definitely be ahead of inflation next year for seniors. >> -- has a couple of proposals, one is to just completely and more social security and just make it a government program that the congress has to vote on to basically reauthorize, recreate every few years. what is the democrats possession on social security going forward, including the cost of living adjustment of calculations, that in the past, republicans have tried to change those calculations so that they will produce a much lower cost of living adjustment and the one that is being delivered today? >> yeah, lawrence, republicans have three ideas about social security. we call them horrible, horriblist, horribler, and horrible lest. horrible is ron johnson's idea, the government of fun social security every single year and let's govern on it. horrible er --
of a big 5.9% increase in 2022. based on recent inflation data, we think it could be somewhere around 8.7% for that cola, the cost of living adjustment. this matters for millions of americans. we're talking about bigger checks for the 52.5 million people receiving social security and the nearly 18 million who are beneficiary survivors that receive social security disability or supplemental security income, ssi for very low income people. for the average social security check next year, that's a $145 increase to $1800 a month. inflation is still hot running at near high level in decades. the fed has more work to cool it. factory levels softened at 8.5%. you can see the turn on the chart. from august to september it rose more than expected. consumer prices are due at 8:30 a.m. eastern time. let's bring in rachel siegel, economics reporter at the
a baby -- neil: oh, congratulations. it'll be good for the record books. >> it's tough, and it's tough for people working here too because they've got to pay double in their gas tank to get to work. neil: we'll get through this, i just know it. stew -- >> yes, we will, i agree. neil: thank you very much. there is a flipside to, you know, prices going up. for some, for some, the cost of that will be borne by some benefits that could go up, some people lucky enough to see their wages go up. not necessarily to keep pace with inflation, but for social security recipients next year we're getting word that it's very possible the cost of living adjustment for next year could be 11%, close to 11%. if so, that would be the highest cost of living adjustment we've seen in social security history dating back to the 1930s. again, it's pegged more to how inflation is varying in roughly the third quarter, but at the rate we're going, the assumption
the american people. deal with any potential risks that may arise because of the technology. >> dana: may i get a quick comment from you? democrats are going to pull back the idea of a pay raise for members of congress. alexandria ocasio-cortez, she is for that, but that is now no longer going to happen. or do you think members of congress need to have some sort of a raise in order to keep up with inflation, as she said? >> i was one of the members to sign onto an amendment that would keep the freeze in place. we froze the cost of living adjustment. it has been frozen every year. i was one of the members, bipartisan, who chose to say let's keep it in place. my position on it is it is a divisive issue, and there is a lot more we need to be doing and delivering for the american people. if we are talking about anyone getting a raise, it should be a
so that it creates a tax cut for 95% of americans. the second bundle is called the controlling costs. and to do that, we want to go more towards indexes, for example, indexing retirement age and also indexing the cost of living adjustment. our third "c" is around compounding capital which talks about diversifying the social security trust fund to more high yielding assets beyond just treasury bonds. we project the bundle solution when done together will eliminate 159% of social security, 75-year funding shortfall so we can basically fund other programs, as well with this surplus. >> all right. complicated, sophisticate and brilliant. that's the opposite of what the government does. so tell me, gary, why you like there, why this was the winner and why you think something liking this could happen. >> well, steph, when we came in before to talk to you about this, senator heitkamp talked how we would choose the winner. we said we would choose a winner
go ahead. >> quickly here. a lot of it is about the timidity of politicians. on the cost of living adjustment which has been rejected by both parties and the president. they don't want to try minor deficit reduction. the move on deficits in the next several years will be sharply higher. >> greg, come back. thank you. >> calls the senate bill a pig-out. john kelly's job is safe for now. although mounting frustration in and out of the white house over his handling over abuse allegations against focrmer staf secretary rob porter. he is the last line of defense getting documents into the oval office. kelly's job is still secure because no one can identify a natural replacement. >> cnn has learned that the president is disturbed by the porter scandal. he spent the last two nights
automatic increases based on the cost of living adjustment but again, analysts say it's not going to happen this year and they say aside from the social security by-riz four million disabled velocitied will not see an increase as well as two million federal retirees and survivors, and eight million supplement jute resippants. >> there's recent for this. deidre is her. she hosts risk and reward with -- >> poof, here i am. >> a lot of this is oil. >> it's awful about gas prices. if you look at what you were paying for your road trip this year, 2.31 a gallon. a year ago, 3.20. so you do have the price at the pump coming down and this is how these costs of living adjustments are calculated. it's all about fuel, about health care and housing. but a lot of older people are saying, this isn't fair. there was one 65-year-old dealer in a casino saying, i don't drive as much anymore but i pay
john: i accept it was good research, but the perry preschool, teachers went home with the kids once a week, spent an hour and a half with the mom and the child. this is expensive and intensive. they got results. >> let's be careful. it's no more expensive in a per capita basis today than elementary school students in most states around the country. john: $10,000 a student. >> 9-10,000 across states. varies. connecticut spends a lot, you know, and other states spend less. fact is it's not higher. this is the point i think you really are missing, and i completely with you. there's a lot of waste in government programs. what is necessary are what are benefits and compare it to the cost. it's not a matter of cost. look, i bought a new car. it cost thousands of dollars. if i looked at the cost, what a waste of money. i just have a car.
tackle entitlements during his first term. >> we'll have to take on entitlements, and i think we have to do it quickly. like to do it in my first term as president. john: that didn't happen. 3 years later, president said he was willing to do at least reduce growth of social security. >> it turns out that making some moderate modifications, in those entitlements can save you trillions of dollars,. john: on this budget he backed down from that too, the cost of living adjustment. >> he has backed away from even most modest of reforms, slowing growth and social security benefits by 1/3 of 1%, we have really big problem, facing our economy. future generation, and president politicians are refusing to make the most modest reforms. >> i don't see how it is going to work out, people' more money to fight putin, pay for military, and help poor people, you are toast, and you are