Providing that everything remains somewhat stagnant, those who are working, on average, will be earning .3% more money than it will cost them to live. What this means is that for every $1,000 earned, they will have $3 more in their pocketbooks. If you are making $30,000 annually, you will have $90 more in 2021 and if you are making $50,000 you will have $150 more in 2021.
Bear in mind that in the cost of living increases just 3/10 of 1%, then the average worker will break even. In other words, the wage increases will be totally offset by cost of living increases. And... the cost of living index does not take into consideration, increases in health insurance.
What I discovered when I was earning an hourly wage was that every time we got a wage increase, our health insurance would also increase pretty much eliminating that wage increase.
Good news for retirees...
Congress is looking into increasing Social Security allotments by 3%... which means that for every $1,000 we will receive an additional $30...
Personally, I think this is an economic and fiscal mistake, but who I am to look a gift horse in the mouth... take the money and run, as the song says.
In order for Congress to increase Social Security, the US Government would have to borrow money or print up more money... If they borrow money, then my grandchildren's children will have to eventually pay the bill. And, since I don't have any grandchildren... what the hell...
