'Kennedy' party panel reacts to President Biden's 'economic blunders' as inflation hit 8.3% in April.benefits, according to new research published this week.
Although Social Security benefits have climbed by 64% since 2000 thanks to cost-of-living adjustments, typical senior expenses through March 2022 have actually grown by more than double that rate – 130% – as consumer prices soar. The Labor Department reported that inflation surged by 8.5% in March, the fastest pace since December 1981, and continued to hover near that high in April, with prices rising by 8.3%.
"Retirees know all too well that Social Security benefits don’t buy as much today as when they first retired," Johnson said. The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, which jumped 9.4% over the past year. Based on current economic data, Johnson estimated the cost-of-living adjustment in 2023 could be as high as 8.6%, which would mark the steepest annual adjustment since 1981, when recipients saw an 11.2% bump.
AMERICANS ARE SICK THIS ULTRA-MAGA VIOLENCE! “It’s like walking onto a horror movie, but everything is real' ~ Buffalo PD
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Seniors need stronger representation and more advocacy. Silent too long while other groups reap benefits - often undeserving benefits.
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