Social Security is Failing Americans, Especially Members of The Greatest Generation
Social Security benefits are designed to provide financial security for Americans. Retirees, for example, still need to be able to afford daily living expenses. Unfortunately, many older Americans who rely on Social Security do not get what they need to live. These benefits have failed seniors for years, and something needs to change soon before costs get too far out of hand. And even those seniors who do not rely on their benefits deserve every penny they earned.
How Inflation Hurts Seniors
Inflation is part of our economic system. It is unavoidable to a degree. However, out-of-control inflation creates a financial burden that may be hard to overcome. While inflation is a natural process of price increase over time, recent near-record increases have posed a real threat to Americans, especially seniors. Inflation drives the cost of living up while wages remain stagnant. For older Americans relying on Social Security benefits, this is especially troubling. The annual Cost of Living Adjustment (COLA) is intended to keep up with inflation. Unfortunately, it typically falls short.
Why Social Security is Not Enough
Retirement benefits should allow seniors to live comfortably. Unfortunately, costs are too high for many Americans. COLA increases over the last several years have been far too low. The Covid-19 pandemic has caused inflation to hit levels not seen in decades. While costs for everyday items have gone up considerably, specific medications and senior healthcare are especially high. We cannot expect older Americans to live on benefits that don’t even cover the annual increase in their healthcare costs.
The Change Seniors Need
Clearly, something needs to change. We believe that the best option is a bill we call The Greatest Generation Benefits Act. This legislation would increase benefits for Americans over age 82 by $85 a month and an additional 4 percent every year after. This is the change so many need right now. To help make this change a reality, please sign our petition and share it with your friends on Facebook and Twitter.
