Not long ago, senior citizens got the two biggest annual increases in their monthly Social Security checks that most had ever seen. But for many of them, the adjustments still weren’t enough to cope with the runaway inflation of earlier this decade and the continued high prices for food, housing, utilities and other necessities.
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That’s forcing more of them to spend their emergency savings, carry debt on credit cards or apply for assistance programs, according to The Senior Citizens League, a nonpartisan public education and advocacy group.
Some polls have shown that Americans generally disapprove of Biden’s handling of the economy compared with former President Donald Trump, his presumptive rival in November’s election who enjoyed much tamer inflation during his administration.
This shortfall is forcing more seniors to turn to other sources of funds, such as savings or credit cards, and to assistance programs to help with rent, utilities, real estate taxes and health care costs, said Shannon Benton, the league’s executive director.
That means seniors are losing even more buying power since the rate exceeds their adjustment for this year, said Mary Johnson, an independent Social Security and Medicare policy analyst.
Biden has been courting senior citizens – a large block of reliable voters – by emphasizing on the campaign trail his efforts to reduce prescription drug prices and repeating his vow to protect Social Security and Medicare, among other policies.
While voters’ choices are often based on multiple factors, those who feel they’ve fallen behind financially tend to place more importance on the economy and inflation, said Marty Cohen, a professor of political science at James Madison University.
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