In sum, while 2.5% may appear modest in comparison to recent years' COLA adjustments of 3.2% (2024), 8.7% (2023), and 5.9% (2022), it remains close to the decade-long average of roughly 2.6%. The Social Security Administration announced the COLA hike on Thursday. Most government disability and retirement payments must grow by the same amount each year to adjust for inflation.
The yearly COLA is determined by the Department of Labor using the Consumer Price Index, or CPI, which is a broad sample of the cost of consumer products and costs. The CPI is compared to the prior year. If there is an increase, there will be a COLA. If there is no rise, there is no COLA, and benefits remain unchanged; they do not fall.
Additionally, despite their successes this year, the services may still be in peril due to lofty targets for 2025 and deeper concerns with Generation Z. The tale of this year's recruiting accomplishments boils down to two major improvements that all the services implemented in some form: lowering the criteria on who might join and boosting the number of recruiters.
This past year, both the Army and the Navy achieved success, owing largely to initiatives geared solely at permitting otherwise rejected applicants to sign up and serve. While the programs were introduced as early as 2022, this was the first year in which both branches' programs could display their full potential.
Lastly, justices are unlikely to rule on the case, Bufkin v. McDonough, for several months. However, due to the probable adjustments required by the eventual ruling, veterans groups and Department of Veterans Affairs authorities are keenly monitoring the issues at hand.
The question is how the United States Court of Appeals for Veterans Claims and other judicial review bodies should interpret the "benefit of the doubt" rule in veterans disability claims. Under federal law, VA adjudicators must find in favor of veterans seeking benefits support "when there is an approximate balance of positive and negative evidence."
And that's the way it is for Thursday, October 17, 2024.
Stay tuned for our next M&G-B, where we will continue to keep you in the loop on all things pertinent to the coronavirus, veterans, active-duty members, guards and reservists, and military family members. Stay happy, and stay healthy!