How Record Inflation Could Impact Seniors
Inflation is a real problem for many Americans struggling to afford their basic needs. If wages do not meet costs, a person cannot afford to live on the money they make. As the cost of living goes up, wages must increase to keep up. Unfortunately, sometimes inflation spikes to a point where many people’s income can not match it.
According to Zachary Wolf at CNN, looking at the consumer price index, prices have gone up significantly in recently. In fact, the CPI which is the nation’s key marker for inflation, reported the largest one-month jump in 13 years. Prices went up 5.4% over the past year which marks the highest increase in well over a decade.
This increase is, in large part, due to an economy recovering from a pandemic. Covid-19 impacted businesses in such a way that food, gas, real estate, and car prices have increased dramatically. To further illustrate how significant this shift is, gas prices are a surprising 45 percent higher than they were just a year ago. These price increases are poised to set records and put further economic stress on many Americans.
This significant jump in inflation affects everyone, however, one group that suffers especially is senior citizens who rely on Social Security. To help reduce the damage done by inflation, we support the passage of The Greatest Generation Benefits act which would significantly increase benefits for Americans over age 82. Learn more about this important bill here, and please take a moment to sign our petition.
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