Government Watch / Keeping America Safe / Politics

Seniors Are Taking the Punch for the State of America’s Economy

Seniors

WASHINGTON, DC, June 23 — If any segment of the population is hard hit by the rising cost of healthcare, it is our nation’s growing population of seniors. It’s a particularly worrisome development for them at a time when the Biden inflationary spiral is gaining unprecedented momentum.

A new Gallup survey, in conjunction with the West Health, a senior healthcare watchdog organization, shows that 37% of the 65-plus segment of the population fear that they will not be able to pay for their health needs. The poll shows that 45% of older adults who are not quite old enough to be eligible for Medicare, those 50 to 64 years old, say they don’t think they can afford the cost of medical attention. “This puts nearly 50 million adults aged 50 and older at risk for more severe illness and even death due to the cost of healthcare,” the surveyors concluded, noting that many of them are coping by skipping much-needed medical treatment.

But it’s not just the cost of medical services that seniors- particularly those with fixed incomes- need to cope with. Inflation has caused them to ration even their most basic needs, such as food and housing.  The inflation rate currently stands at 8.6%, but when President Biden took office in January 2021, he inherited a kinder, gentler inflation rate of just 1.4% from President Trump. It’s reached a 40-year high so far; if it gets much higher, we’ll be looking at inflation rates that haven’t been seen since the Great Depression of the 1930s.

The number of seniors who have had to return to work because they can’t survive on social security alone is on the rise, big time. According to the U.S. Bureau of Labor Statistics, “The only age group whose labor force participation rate is projected to rise are people age 75 and older, from 8.9 percent in 2020 to 11.7 percent by 2030…Among people age 75 years and older, the labor force is expected to grow by 96.5 percent over the next decade.” And that presents another problem for America’s seniors– taxation of their Social Security benefits.

A recent article on the Politico website noted, “Since 1984, Social Security recipients have become subject to tax on their benefits when they make more than $25,000 as individuals and $32,000 for couples…Now, government forecasters say surging inflation is pushing more people over those limits.” 

In fact, the Congressional Budget Office says that the increase of Social Security recipients subject to taxation due to the jobs they have to take to stay above water is expected to increase by 10% this year and another 10% next year. 

The Washington Post said in a recent inflation report that the bottom line is that among “more than a dozen retirees between the ages of 58 and 85 [who were interviewed], almost all said higher prices were forcing them to skimp on basics. They reported cutting back on meat and vegetables, driving less and trading in gym memberships for Jane Fonda workout videos. Many said they were buying cheaper shelf-stable foods such as pasta and canned beans at dollar stores and relying on chest freezers and food sealers to store away extras. All said they were living on significantly less money than when they were working, leaving them with a smaller cushion to guard against cost increases and unexpected medical emergencies.”

Blaming Mr. Biden for the runaway inflation Americans are facing may seem to be entirely politically motivated, but when a member of his own party, former Obama economic advisor Steve Rattner, is the one who’s blaming the president, it’s cause to listen up. The headline for a recent New York Times Opinion article he wrote put it succinctly: “Biden Keeps Blaming the Supply Chain for Inflation. That’s Dishonest.”


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Rhonda
1 month ago

What’s the real inflation rate? The CPI does not include food and gas. If the government calculated the inflation rate like they used to in say, 1980, what would it be including food and gas? My guess is between 15 and 20%, based on my expenses.

Does anyone know?

OCD
1 month ago

The $32K joint deduction for SS was started in 1984. It has not increased a single dime in 38 years. If we used the COLA increases to this number, it would be $84K today.

The $12K joint deduction to tax SS at 85% was started in 1994. It has not increased a single dime in 28 years. If we used the COLA increases to this number it would be $22K today.

Rhonda
1 month ago
Reply to  OCD

Agree. It’s like seniors are deliberately targeted in this country.

JEFFREY JONES
1 month ago

SAVE THE U.S.A…..ARREST all demonrats, commies, and other America haters!……….

Bill C
1 month ago

When you are so badly addicted to spending other people’s money, it seems the strategy is to price us out of existence or force us back to work so we can be taxed again. The COLA is way off the mark, representing roughly half of the real cost of living increases we are seeing. Remember, Brandon twice voted to increase the taxable amount of Social Security when he was a Senator, so if you want to live above the poverty line, you will be taxed!

Walt
1 month ago

Senior citizens, I being one, hsve no one in Washington in our corner……we are left to save ourselves if that is possible…..not the democrats or Republicans give two S***s about us sorry how we get along……I have said many times and will repeat myself……there is not a dime’s worth of difference between the democrats and republicans

David Robinson
1 month ago
Reply to  Walt

AMAC is in Washington and they are in our corner .

Seeking Truth
1 month ago
Reply to  Walt

There is a difference when it comes to voting on certain laws. If you don’t believe that, then do your homework on this. But, I will agree with you that there is not enough of a difference; that’s unfortunately true.

David Millikan
1 month ago

WE SUFFER while DICTATOR Beijing biden LAUGHS at US.

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