Business Highlights: Port Congestion, Increased Social Security

Business Highlights: Port Congestion, Increased Social Security

___ Social Security checks getting big boost as inflation rises

Biden tries to tame inflation by having LA port open 24/7 WASHINGTON (AP) — President Joe Biden has announced a deal to expand operations at the Port of Los Angeles in hopes of ending the logjam of ships waiting to unload. It is part of his effort to reassure America that he can tame high inflation. The supply chain squeeze has caused climbing prices and delays in delivery that are threatening the U.S. economy and holiday shopping. Prices are jumping in large part because container ships are stranded at ports and unloaded goods are waiting for trucks. The White House has finalized an agreement for the Port of Los Angeles to become a 24-hour, seven-days-a-week operation. WASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. The benefits increase amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration. The increase affects household budgets for about 1 in 5 Americans, nearly 70 million people, including Social Security recipients, disabled veterans and federal retirees. Policymakers say it’s a safeguard to protect benefits against a loss of purchasing power, and not a pay raise for retirees.

Joe BidenProgressives warn against ‘false choice’ in Biden bill trimsTreasurer says governor overstepped authority on aid fundsTrump campaign, others: Dominion worker suit is groundlessGOP’s Youngkin stays away from ‘Take Back Virginia’ rallyADVERTISEMENT ___

Winter heating bills set to jump as inflation hits home NEW YORK (AP) — With prices surging worldwide for heating oil, natural gas and other fuels, the U.S. government said Wednesday it expects households to see their heating bills jump as much as 54% compared to last winter. Nearly half the homes in the U.S. use natural gas for heat, and they could pay an average $746 this winter, 30% more than a year ago. This could be the most expensive winter for natural-gas heated homes since 2008-2009. A forecast for a colder winter means people will likely be burning more fuel to keep warm, on top of paying more for each bit of it. ___

IMF head pledges renewed efforts to protect data integrity WASHINGTON (AP) — The embattled head of the International Monetary Fund is pledging renewed efforts to bolster data integrity while focusing on the main job of helping countries recover from a devastating global pandemic. IMF Managing Director Kristalina Georgieva successfully fought to keep her job following a data-manipulation scandal. She said Wednesday that she was glad the IMF’s 24-member executive board had expressed confidence in her ability to head up the 190-nation IMF. The board had looked into accusations that Georgieva, while at the World Bank, had pressured staff to boost the rankings of China and other countries in 2018 in an influential business climate report. ___

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