America’s seniors are feeling the pinch of inflation more and more. So much so that many are having to return to work to afford basic necessities like food and medicine. The CPI report released earlier this week showed inflation at 7.1%, far above the 2% goal set by Congress for the Federal Reserve. One senior, 76-year-old Lenore Angey, is already feeling the effects of the high cost of living and is anticipating a difficult holiday season.
The COVID-19 pandemic has only exacerbated these issues for seniors, who not only have to contend with rising food and medical costs but also face increased risks of contracting the virus due to their age. Furthermore, many seniors have had their pension plans frozen or seen major reductions as companies struggle financially due to reduced spending during the pandemic.
The government has tried to provide some relief through stimulus checks and expanded unemployment benefits; however, many seniors have not seen any additional aid since March when Congress passed its first round of relief packages. Furthermore, those packages were criticized by many as being too heavily weighted towards corporations instead of individuals who need help most right now.
These issues are further compounded by an economy that is still struggling to recover from the pandemic. High unemployment rates mean fewer people have money to spend and businesses remain closed or operate at reduced capacity, which puts an even greater strain on an already fragile economy. The reality is that inflation is having a devastating impact on America’s seniors. With no end in sight for this problem, it’s up to legislators to take action now and ensure that those who need it most receive adequate financial assistance during these trying times.
