Gas prices have been steadily climbing over the last months. With no end in sight, many Americans are struggling. Unfortunately, many are still struggling to recover financially from the impact of Covid-19. Further economic issues continue to drive costs higher. Is there hope?
Why are Gas Prices so High?
While the pandemic and political turmoil in the U.S led to rising prices over the last couple of years, issues overseas have also played a significant role. With the American economy in a state of recovery, the War in Ukraine has made imports (like fuel) more expensive. Additionally, domestic production has slowed down over recent years as many refineries have closed their doors. This has created a perfect storm for Inflation and rising gas prices.
Why Older Americans are Struggling
Inflation has hit all Americans hard, but seniors often suffer the most. While costs continue to climb, a staffing crisis has impacted nursing homes and service providers. Additionally, older Americans who rely on Social Security benefits often struggle the most with the high cost of living.
While it will not turn the economy around completely, we believe some new legislation could help. We support a bill we call The Greatest Generation Benefits Act. This important bill would help many Social Security Recipients to afford their daily needs. Learn more here.