In the United States, prices are more than six percent higher than in the same period last year. In times of high inflation, people on fixed incomes, such as those on Social Security, can see their purchasing power drop rapidly. In September and October, food prices rose by 1.2% and 1% respectively. Products, dairy products, meat and grains experienced the largest peaks last year.
The most recent survey of household conflict, conducted between September 29 and October 11, found that five percent of older adults sometimes or often do not have enough to eat. In addition, eighteen percent of the over-sixties say they find it somewhat or very difficult to cover normal household expenses.
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A senior support organization, the Senior Voters League (SCL), has made it clear to the country’s leaders that the 5.9 COLA that can go by January 2022 is not enough. Mary Johnson, a social insurance and health care analyst at SCL, recently said, “Over the past twenty-one years, COLAs have increased Social Security margins by fifty-five percent, but home prices have increased by nearly 118% and current account prices have increased by one hundred and forty-five percent over a period of one year. equivalent amount.”
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The fact that the fringes have not been preserved with the particular price increases places several beneficiaries in a particularly vulnerable position.
The SCL is asking Congress to send a $1,400 information check to any or all social insurance beneficiaries to boost their purchasing power. whereas this check may not ease the beneficiaries at the end of the day, it will make it easier for those in that area unit who feel the monetary squeeze from hyperbolic inflation.
The organization has also heard of several seniors “reducing their spending on prescriptions and groceries because that’s the last thing they need to cut down.” What’s terrible about Johnson is that the proven fact that different area units “split pills, take prescriptions every other day, or just don’t refill prescriptions” is “dangerous to health, especially if the drug is vital for conditions like polygenic disorder .” to boot, however, the 2022 health premiums for components A and B must be declared, and many enrollees are concerned that the rise in premiums could gobble up most of the COLA.
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