The cost of living for seniors continues to go up as it does for everyone. While some inflation is normal, the impact of the Covid-19 pandemic has led to inflation rates like nothing we have seen in decades. When income cannot keep up with costs, Americans suffer. Some groups suffer more than others. This, of course, is especially true for older Americans struggling to get by on Social Security Benefits alone.
Why Cost Of Living is Increasing
Prices change over time. If they didn’t, we would still get cheeseburgers for a Nickel at the local diner. Of course, the things we buy today cost a lot more than they did decades ago, but we also have to consider that the minimum wage back then was less than a dollar an hour. As prices for products and services go up, pay has to come up with it. Unfortunately, sometimes average pay rates do not fall within the limits of cost increases and Americans come up short. The impact of Covid on business has created a serious issue with supply and demand for certain products. As demands are up and supplies are low, prices go through the roof.
Why Seniors are Hit Hardest
Costs of housing, vehicles, gas, and food have jumped up considerably in the last year and may continue to do so. Of course, this is a problem for everyone, however, it is a problem man y older Americans have been dealing with for years. Those who rely on benefits from Social Security often find that they don’t have enough to meet their basic needs. The Cost of Living Adjustment (COLA) for 2021 was only 1.3 percent. This is less that half the average increase in prescription drug prices for medications seniors rely on.
The One Change that Seniors need.
Many American seniors over the age of 82 rely on benefits that simply are not enough. This is why we call on Congress to pass The Greatest Generation Benefits Act. This bill would give the great Americans who lived through WWII and Korea what they earned after decades of paying into Social Security. Learn more about this legislation and sign our petition here. For the latest updates, be sure to follow us on Facebook and Twitter.