Social Security gets the biggest COLA boost in decades. Price chewing: Ports, retailers increase hours to ease bottlenecks. Countries develop their own COVID vaccines after COVAX falters.
Social Security will increase by 5.9% in 2022
About 70 million Social Security beneficiaries will have a 5.9% increase in the cost of living (COLA) in their benefits next year. COLA growth is the highest in the last 39 years. Annual adjustments have averaged only 1.65% per year over the last decade.
This will achieve an average increase of about $ 92 per month for retirees to an average total of $ 1,657 per month next year. The adjustment reflects rising costs for food, transportation and other living expenses faced by retirees. Recent pandemic-driven inflation has raised prices for consumer goods for all Americans in recent months. Fixed-income retirees have been hit particularly hard as price increases account for a larger share of their monthly income.
Price chewing: Ports, retailers increase hours to ease bottlenecks
The White House has reached an agreement with major U.S. ports, retailers and delivery services to increase hours during the holiday season. The Biden administration hopes the plan will help alleviate service and delivery problems that are raising prices and could hit the availability of certain products by December.
The ports of Los Angeles and Long Beach will now operate 24/7. Together, the two ports receive about 40% of the country’s international container traffic. Retail giant Wal-Mart will also be on a 24-hour schedule, as will UPS and FedEx parcel shippers. The administration hopes this will encourage other private sector entities that play roles in key supply chains to grow to compete.
But some significant obstacles remain, including labor shortages. The truck industry in particular has bled skilled workers throughout the pandemic. The White House is pushing for more commercial truck licenses to be issued to speed up ground transportation.
Countries develop home-produced COVID vaccines as COVAX fails to deliver
Through the UN COVAX scheme, rich countries have pledged to donate doses of COVID vaccine to low-income countries. In total, over 1 billion doses have been promised, but that number is far less than the global need. Experts estimate that we need about 11 billion doses to vaccinate 70% of the world’s population.
Global vaccination rates also show a marked income inequality. While many rich countries have long exceeded the goal of vaccinating at least 50% of their total population, low-income countries average about 2.5%. As long as this remains the case, the developing world will continue to incubate vaccine-resistant COVID strains.
Where does the problem lie?
It’s true that supply bottlenecks and production cramps have made the promised doses of COVAX slow to materialize. But the crux of the problem is patent protectionsWith Some say patent protection is needed to allow companies like Pfizer and AstraZeneca to repay their research investments. However, these companies received billions of dollars from various governments to develop their own vaccines.
Several countries, including Egypt, India and Cuba, have developed their own vaccines against COVID. Cuba has developed a conventional (non-mRNA-based) vaccine, which scientists say is over 90% effective against COVID. Since the launch of the Abdala vaccine, which takes its name from a work by Cuban poet Jose Marti, 85% of the Cuban population has received at least one stroke. Doctors are even using Abdala to vaccinate 2-year-oldswith
Cuba applied for WHO approval for the Abdala vaccine last monthWith But Vietnam, Venezuela and Nicaragua are not waiting for WHO approval and are already securing doses of Abdala.
Most important, Cuba has pledged to offer open licensing for its COVID vaccines to enable low-income countries to produce them domestically.
Tags: cost of living regulation (COLA), COVAX, vaccines against COVID-19, Cuba, inflation, Infrastructure, international news, national news, New Albany MS, northeastern Mississippi news, ports, retail, seniors, Social Security, UN, US News, Vaccine Patent Protection, World News
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