Last week President Biden’s Chief of Staff retweeted remarks that said, in pertinent part, that “most of the economic problems we’re facing (inflation, supply chains, etc.) are high class problems." This statement highlights how out of touch the Biden administration is with issues that materially impact the lives of Americans. Inflation is particularly impactful on older Americans, many of which are living on fixed incomes and are concerned they could “outlive” their savings and investment accounts.
The price of a gallon of gas is up 42% over last year as Americans are feeling the pain at the pump. The Associated Press reported recently that we may see heating fuel costs (including oil and natural gas) rise by more than 50% over last year. Biden’s economic policies, including the proposed $3.5 trillion in new spending, will push seniors to a scary inflection point where the cost of living substantially increases while Medicare becomes more expensive and Social Security continues to be at risk due to program insolvency. The Washington Post has reported that the Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits will be insolvent in 2033, meaning there will be enough income to pay out only 76 percent of scheduled payments. Let me put that in real numbers. As of July, the average monthly Social Security payment just for retired workers was $1,556.72. By 2033, without a funding intervention by Congress, that payment could be cut to $1,183.11.
Our seniors frankly deserve better. The American Seniors Association is here to advocate on behalf of its members to ensure inflation gets back under control and your benefits are not reduced or eliminated. Join ASA now as we come together to combat inflation and uncontrolled governmental spending!