Older Americans are getting the brunt of President Biden’s cruel economy, with a new report by the University of Massachusetts-Boston showing that half of older women who live alone are now classified as “poor,” and can’t afford essential expenses – while 45 percent of men are in the same steadily sinking boat.
Key Points:
- Older Americans are feeling the squeeze on living expenses: “The Elder Index estimates that a single older adult in good health paying rent needed $27,096, on average, for basic expenses in 2021 — $14,100 more than the federal poverty threshold of $12,996. For couples, the gap between the index’s calculation of necessities and the poverty threshold was even greater. (Kaiser Health News)
- A medical emergency could wipe out seniors’ finances: “With inflation now making her budget even tighter, ‘it means I have to cut back in any way I can. I find myself going into stores and saying, ‘No, I don’t need that,’” Seeley said. “The biggest worry I have is not being able to afford living in my home or becoming ill. I know that medical expenses could wipe me out in no time financially.’”
- In fact, seniors now consider health care costs a financial burden. “Although Americans over the age of 65 are eligible for Medicare coverage, data from June 2022 indicate the majority of older residents consider health care costs a financial burden. As Baby Boomers continue to age, this growing population will put more strain on federally- or state- sponsored health insurance.”
- President Biden is bragging about job increases, but seniors are still on the sidelines:. “The COVID-19 pandemic also resulted in the highest unemployment rates seen for persons aged 55 and older in nearly half a century.” (The Hill)
- Biden-Flation is resulting in higher taxes on seniors:. CBO has estimated inflation will cause income taxes on Social Security checks to jump by 37 percent this year – which hits the more than 65 million American seniors who rely on Social Security especially hard. (Ways and Means Republicans)
Background:
- More than 65 million of America’s seniors and most vulnerable rely on Social Security and that number will only continue to grow.
- The Social Security’s Old-Age and Survivors Insurance Trust Fund, which has about $2.8 trillion in assets that were built up by more than 30 years of surpluses, is on track to become depleted by 2034, and its Disability Insurance Trust Fund reserves are less than the program’s annual costs.
- Republicans want to work on a bipartisan basis to protect Social Security for current and future generations, but Democrats’ partisan solutions fail to address the challenges Social Security faces head on.
- Republicans have also called to stop punishment for seniors who want to continue to work if they want to. We need to provide greater flexibility so seniors don’t stay out of the workforce because additional earnings reduce their Social Security benefits.
- Democrats’ tax-and-expand solutions fail to put Social Security on sustainable footing and put American workers, seniors, and small businesses further behind with crippling tax hikes.
READ: WRAP-UP: Democrats’ Tax and Expand Solutions Fail to Put Social Security on Sustainable Footing