Fortune: Timothy Fogarty, the Andrew D. Braden Professorship in Accounting and Auditing at Weatherhead School of Management, noted that the 2025 Social Security cost-of-living adjustment (COLA) increase of 2.5% might not keep pace with inflation, especially if tariffs rise. “A full-blown tariff war will make people really feel that they have not kept pace,” he warned, though it could lead to larger COLAs later.
