Social Security Payments Increase By 8.7%, Says Bank Of America CEO

Bank of America CEO Moynihan announced that the Social Security payments have increased by 8.7%. This increase is due to the cost-of-living adjustment (COLA) made by the Social Security Administration (SSA).

Bank of America [Photo: BankTrack]

According to Phillips, although Moynihan stated that the U.S. economy might experience a mild recession in late 2023, the Bank of America is predicted to develop still. The biggest banks in Wall Street have reportedly collected more funds to prepare for the possible recession. Nonetheless, there are still precautions made for the predicted income growth amidst the uncertain economy.

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Predicted Recession in 2023

According to Phillips, a World Economic Forum survey revealed that two-thirds of the private and public sector economists believe in the predicted global recession in 2023. Antonio Guterres, the head of the United Nations, also forewarned about a decline in the global economy in the near future. To date, many countries are already facing a recession and the entire world is facing a downturn. Most are experiencing a crisis in the costs of living, disruptions in the supply chain, and shortage in energy despite the price hikes. For instance, technology companies are already experiencing unemployment. On January 18, Microsoft has confirmed that they would lay off 10,000 employees.

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