The American economy is a complicated system. Things like the Covid pandemic, and the political and social unrest of the last year certainly had a role in shaking things up as well. Presently, our economic system is in a difficult state attempting recovery while new threats loom. For senior citizens, especially, the financial future could be troubling.
What Economic Factors are Causing Problems for Americans?
Economics can be hard to understand because of the variety of factors that can impact the economic well-being of an individual, state, or country. The Covid-19 pandemic caused a lot of turmoil by putting many Americans out of work while simultaneously decreasing supply and increasing demand for certain products.
How Inflation Impacts the American Economy
The impact of inflation depends on a number of factors. Things like the unemployment rate, poverty level, and average wages all affect how much of a hit the people take. While many people are still out of work, inflation is driving the average cost of living to levels not seen in decades. This makes it very hard to afford basic needs.
Why Some Seniors May Not Have Enough to Live On
For some older Americans who rely on Social Security, it can be hard to get by as it is. Social Security benefits have been too low for years. Annual COLAs often do not provide enough to keep up with inflation. Now that prices are climbing to new levels, including medication and healthcare costs, senior citizens may be facing even more challenges than before.
Financial Growth for Americans Over Age 82
Many of our older Americans are the ones who suffer the most when it comes to inflation and the high cost of living. This is because those who rely on Social Security do not receive enough to keep up with rising costs. This is why we support the passage of a bill we call The Greatest Generation Benefits Act. This would dramatically increase benefits for Americans over age 82. Learn more and sign our petition here.