True inflation outpaces the COLA math (the government cheats everyone, even its cronies in the make-work bureacracies) but it doesn't really matter if you try to EARN a living. The inflating away of problems doesn't help you. The destruction of the currency hammers the private sector producer too, and he has no COLA at all. So he's being robbed by the central bankers destroying the currency AND being crippled by entitlement burdens both.
The Road to Serfdom.