Social Security Beneficiaries Bearing Brunt of Rampant Inflation, Older Seniors Hit Especially Hard
U.S. inflation rates are going up and Social Security recipients are going to feel the impact. Inflation is a natural component of our economic system. It is not something that can really be stopped. Costs can fluctuate and costs can increase due to a variety of factors, however, when inflation gets out of hand, we run into problems. If costs far outway income, it is hard to afford basic needs. For those who rely on Social Security, this can be even more of a problem.
Why is Inflation on the Rise?
Costs fluctuate regularly and prices of goods and services increase over time, however, when these shifts happen too fast, it can lead to financial disaster. The Covid-19 pandemic affected the world in many ways. One side-effect is the impact it had on U.S inflation. Increased demand and short supply of certain products have driven prices up. Additionally, some businesses are raising prices as they work to recover from the economic hit they took in 2020.
How Social Security is Impacted
Social Security benefits are not enough for Americans to live on. This has been the case for years. However, the issue becomes much more pronounced when we find ourselves dealing with skyrocketing costs and an economy trying to rebuild. The Cost of Living Adjustment (COLA) has consistently failed to keep up with inflation. With the potential of record inflation now, Social Security could have a serious problem.
Social Security Changes for Seniors
Older Americans are often the ones who suffer the most from high costs and low benefits. Healthcare and medication costs alone are more than many seniors can afford. The small increase from COLA does not come close to matching costs. This is why we support the passage of legislation we call The Greatest Generation Benefits Act. This change would dramatically increase Social Security benefits for Americans over age 82.
How to Help
We believe that passage of The Greatest Generation Benefits Act is the best way to help older seniors overcome the hurdle of rising costs. To make this happen, the bill has to make it through Congress. While we are working hard to encourage them to pass this legislation, we could use as many voices as possible to help. Please take a moment to sign our petition and be sure to share it with your friends on Facebook and Twitter.
