In a now deleted tweet, the White House took credit for an automatic cost-of-living increase in seniors’ Social Security checks. The problem: The only thing the White House can take credit for is the historic inflation that led to the need to increase Social Security payments.
The annual cost-of-living-adjustment is based on the inflation rate – the same inflation rate created and fueled by the White House’s disastrous policies.
As noted by the Washington Post:
“The reality is that if Biden’s and the Federal Reserve’s efforts to combat inflation were more successful, then Social Security benefits would not be going up so much.”
Jeff Stein, the Washington Post’s economics reporter, went further, joking:
“If inflation goes up to 100 percent a year the Social Security checks would be even bigger.”
The Biden Administration has rightly taken credit for record-high inflation as seniors’ Social Security checks reflect a historic increase to keep up with rising prices.
- “The reason Social Security payments are going up is because Social Security benefits, unlike virtually all annuities, are adjusted every year to keep pace with inflation as measured by the Department of Labor’s consumer price index. […] That sounds like a lot, but in theory it’s only letting seniors keep pace with the increase in the cost of living.” -Glenn Kessler, The Washington Post
- Prices have outpaced seniors’ fixed incomes. Next year’s Social Security benefits will have the highest automatic increase in 40 years.
The White House’s inflationary policies have harmed Americans, particularly seniors and those on fixed incomes.
- “For months, Biden has signaled that he is taking aggressive action to address inflation, which by one measure has risen to 8.2 percent for the 12 months ending in September. That’s a sharp contrast to the one to two percent inflation rate that was the norm in the previous decade.”
- 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, according to a study by the University of Massachusetts-Boston.
- As CNN reports, retirees are having to make significant lifestyle changes in order to make ends meet. For some, Biden-Flation has exacerbated their loneliness, as they cut back on social outings or forgo hobbies. But for others, Biden-Flation has made it impossible to afford basic necessities.
Skyrocketing prices, a labor shortage, and a weakened economy are the result of President Biden and Democrats’ tax-and-spend agenda.
- The Congressional Budget Office (CBO) and the Penn-Wharton Budget Model have also estimated that President Biden’s inflation tax costs the typical family $5,000 a year, and hits the middle class and those just starting their career or families the hardest.
- For working Americans, in just one year, Democrats wiped out three years of wage gains through inflation.
- More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.