Biden-Flation is so bad that next year’s Social Security benefits will have the highest automatic increase in 40 years. Yet, prices continue to reach new historic highs with no end in sight.
Democrats are misleadingly claiming that the high “cost of living adjustment” (COLA) is a Democrat victory – but not one Democrat voted for this year’s COLA. This is a necessary automatic adjustment that reflects past inflation, not the continued inflation that seniors will face as a result of the Democrats’ failed economic policies.
This isn’t a win for seniors.
- This year’s much-needed COLA reflects the rampant Biden-Flation that began with President Biden’s so-called stimulus and continued with more Democrat spending.
- Now, Democrats are desperately spinning as a new report finds prices have reached yet another peak – the highest yet – since President Biden took office.
- This is the latest sign of their complete failure to protect Americans from the inflation that President Biden promised had peaked nearly a year ago.
Bottom Line: Don’t buy Democrats’ pitch that COLA is delivering for seniors and getting ahead of inflation.
Social Security Benefit Increases Are Coming Too Late to Help Seniors
- Because of raging inflation, the 2023 “cost of living adjustment” of 8.7 percent is the highest since the current automated formula was put in place in 1983.
- While this necessary bump will help seniors going forward, seniors have already been facing, and will continue to face these sky-high prices.
- Additionally, the high COLA could push many seniors whose benefits weren’t previously subject to taxation to pay taxes on their benefits for the first time and saddle others with a higher tax bill.
Democrats Have Failed America’s Seniors
- 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.
- 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.
Social Security Needs a Bipartisan Path Forward
- Republicans have called for working 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 legislation that stops punishing 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.