Biden’s Increase in SS Payouts Is Laughable…Rising Inflation Will Eat Every Cent America’s Suffering Seniors Desperately Need

By Steve Heap shutterstock.com
By Steve Heap shutterstock.com

Old Joe said he was gonna grab the U.S. economy by its horns and tame that out-of-control beast, and gosh-by-golly, he hasn’t done it. Inflation is soaring beyond worldly bounds. Families are chowing on Ramen noodles, bypassing the meat aisle altogether, while wanna-be first-time homebuyers can no longer afford the dream house they’ve been saving up for.

And you better hold on to that old junker. New and used vehicle prices have become ghoulishly frightening. Make sure to keep up with those oil changes that just went up in price. Chin up. Things could be worse. Just thank your lucky stars you aren’t having to make it through these times on social security. Unless you are…

The Biden administration would like us to think they’re sending in the cavalry to rescue America’s growing senior population who’ve had to sell the pots they routinely pee in to keep the lights on. Priorities. They’re giving seniors the largest pay raise in 39 years in the form of social security benefits, which for all intents and purposes comes out to a 5.9% boost.

Just in 2021 alone, the rate of inflation has risen to 4.2% with no indication of chilling its groove. In fact, considering current financial trends, that percentage will soon be kicking dirt in the face of the benefit raise, leaving seniors no better for wear, or perhaps even in worse financial shape. 

Handing out raises is not going to help eliminate the root problem of why seniors need a raise in the first place. Until the issue of inflation is properly dealt with it’ll only serve to make matters worse.

As a matter of perspective, for the past ten years, the average annual pay increase in social security benefits was a pity-party worthy, 1.65 percent. A couple of bucks and some change. The comfortable lifestyle seniors were once able to afford vanished in a decade.

This new whopper of an increase works out to an average monthly payout of an extra $92. Enough for a few days worth of groceries at today’s prices, and if a shopper doesn’t go too crazy at the market, there might be enough left over to offset their escalating electric bill.

Since couples who both receive SS are double-dipping in the well of wealth, they’ll only receive a $154 dollar raise to be split between them. Fair is fair.

After a lifelong career of selling steel for a major manufacturer, Cliff Rumsey retired to Hilton Head, South Carolina, where he now cares for his wife of 60 years with advanced Alzheimers. All he could say about previous SS increases was that “It goes pretty quickly.”

Rumsey has seen a noticeable increase in food prices, electricity costs, what he pays out of pocket to caregivers who routinely help him and his wife out, and for the additional care products required for his wife, Judy. For him, the extra money won’t even begin to scratch the surface, and there are millions of seniors crammed into the same huge ocean liner.

The additional cost of living allowance not only affects seniors. The money comes from the same vault containing the cash for federal retirees and disabled veterans. All in all, roughly 1 out of every 5 Americans will see the increase. As a side note, every American household will experience yet another jump in inflation because of it.

An analyst with the nonpartisan advocacy group, Senior Citizens League, said of the increase, “It’s going to be welcome.” Changing directions, Mary Johnson hit the nail on the head by saying, “But what we are hearing is that even with the COLA, buying power will still be eroded because price increases are still going up.”

Until Joe Biden wrestles the real bull in the ring, inflation will continue its downward tumble. Contributing to the deficit is the wrong way to go. It forces the cost of living up, and up, and up, while at the same time forcing the worth of the dollar, down, and down, and down.

Continuing inflation will inevitably lead to only one thing but we don’t want to use the “D” word just yet. However…You might want to stock up on a few essentials…Just sayin’.