The group claims that the amount of Social Security benefits Americans are getting does not match current inflation and price increases. “Social security benefits are one of the few sources of retirement income that is inflation-adjusted,” the petition reads. “However, rising inflation has taken its toll on the family finances of Social Security users who are retired or incapacitated.
“In 2021, Social Security payouts rose just 1.3 percent, representing a monthly increase of only about $20. “Meanwhile, 86 percent of Social Security recipients surveyed felt their costs have increased significantly.” Since its inception in October, the petition has received a lot of attention, with some 1,600 signatures just last week.
The organization has also launched a postal campaign to collect physical signatures from members who have yet to be counted in the official signature count. The organization will conduct a final count of signatures at the end of the month and deliver the data to every member of Congress in hopes of gaining legislative support, Johnson said.
About five million Americans age 65 and older were poor in 2019, according to the Congressional Research Service. More than 69 million people received benefits, according to the Social Security Administration (SSA).
Read more: More than 40 cats rescued after Jackson County owner abandoned them
Social Security recipients received a 1.3 percent increase in 2021, which equated to about $20 a month. To counter the rise in the cost of living, the Social Security Administration has approved plans to increase monthly payouts from 2022.
The cost of living adjustment (COLA) is an increase in Social Security benefits to account for inflation. People who receive Social Security will experience a 5.9% increase in January 2022. This is the largest increase in 40 years. The average monthly pension for retirees will be $1,657, compared to $1,565 last year.
Subscribe to Honknews for the latest update daily.