The reason that the buying power of benefits has fallen is that Social Security Cost of Living Adjustments (COLAs) have done a poor job in keeping pace with inflation. Cost of Living Adjustments (COLAs) are supposed to make sure that doesn't happen, but the formula estimates inflation by looking at a consumer price index, CPI-W, that doesn't accurately measure inflation impacting retirees. The issue is that it's built around the spending habits of urban wage earners and clerical workers. Since retirees tend ...