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Ruth received Social Security payments of $220 a month in 1985. (This is the paycheck the US government sends to retired people.) Suppose the consumer
Ruth received Social Security payments of $220 a month in 1985. (This is the paycheck the US government sends to retired people.) Suppose the consumer price index increases from 90 to 105 between 1985 and 1986. Then to make sure that she is not worse off because of the higher cost of living in 1986, her Social Security payments for 1986 should have been about
$252.43. | ||
$253.00. | ||
$256.67. | ||
None of the above is correct. |
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