Social Security's cost of living adjustment is expected to be about 9% or higher, the largest in 40 years, analysts estimate. But the hike won't just help older people. Millions of children will benefit as well.
That number has increased
Since the pandemic, Social Security has become even more important for children, as “COVID has taken a lot of parents,” said Maya Rockeymoore Cummings, a nonresident senior fellow at Brookings Metro, which is part of the Brookings Institution, and the CEO of Global Policy Solutions, a social change strategy firm.under age 18 had lost a parent or guardian due to COVID.
Grandparent caregivers are 60% more likely to live in poverty than are grandparents not raising grandchildren,The Child Tax Credit program, which was expanded during the pandemic, helped tens of millions of kids and their families, contributing to a 46% decline in child poverty since 2020, according to a September Census report.ADVERTISEMENT
“And for the children who receive Social Security benefits,” both directly and indirectly, “low-income kids benefit the most,” she said.
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