How Inflation Created a Social Security Emergency for Many Americans
Times are tough for many Americans. The economy has not fully recovered from Covid and Inflation continues to make things harder. Everyday essentials like food and gas are consistently going up in price, while housing costs spiral out of control. Even those who could live comfortably on their income a few years ago now find themselves struggling. While these economic issues affect everyone, it is often older Americans who suffer the most.
Why Does Inflation Hurt Seniors?
When prices soar, it makes everyday life challenging for everyone. It essentially works the same as a pay cut. Imagine significantly reducing your income and how it would impact your trip to the grocery store. When prices climb, our money doesn’t go as far. For seniors who rely on Social Security, it is often far worse. For one thing, Social Security benefits are far too low to live on. Additionally, many seniors have higher medical costs and skyrocketing Medicare premiums to contend with.
How Does Social Security Respond to Inflation?
On paper, the Social Security Administration has a plan in place to adjust benefits for inflation. Unfortunately, the Cost of Living Adjustment (COLA) does not stand up to rising costs. COLA increases have historically been very low, and if they could not offer a realistic cost of living increase before, they certainly cannot keep up with the costs of near-record inflation today.
What Would The Greatest Generation Benefits Act Change?
A Congressional bill known as The Greatest Generation Benefits Act seeks to create important change and give older Americans what they have earned. This legislation, if passed, would give those over age 82 a significant Social Security increase. While COLA typically offers very little, this legislation would give affected seniors an additional $85 per month plus a 4 percent boost every year after. If you believe The greatest generation needs and deserves more, so please take a moment to sign our petition.
