Biden’s inflation – driven by curtailing the US energy sector, price hikes on fossil fuels, and massive overspending by Democrats – hits the entire US population. That said, it is especially devastating for seniors on fixed incomes, including pensions and stock investments.
How Democrats could be so tone deaf, so ignorant, indifferent, and unmoved by the rising inflation tax on middle-class Americans, especially older Americans, is unclear – but they are.
As Biden’s inflation hits new highs, subgroups of goods and services consumed by older Americans are spiking. Seniors need more medical care, medical devices, prescription drugs, fuel oil, long-term care in housing, specialized foods, and other services in higher proportions than younger Americans – and these are precisely where inflation is hammering consumers hardest.
As the consumer price index jumped 9.1 percent in June – the highest in 40 years – the impact on specific sectors was higher, with “shelter, medical care and new vehicles being some of the biggest contributors,” electricity up 13.7 percent, gas up 38.4 percent, other fixed costs inordinately high.
Similarly, “new prescription drug prices soared…on 20 percent annual inflation in 2021.” Over time, prescription drug prices rise faster than annual inflation rates – which again directly affects seniors.
In parallel, seniors are hard hit by higher prices for other necessities. For example, “long term care” expenses and assisted living are becoming highly expensive, driven by both price and wage inflation.
Experts make clear that Biden’s inflation indifference is hammering older Americans. “The inflation risk is most acute for retirees and near-retirees who live on fixed incomes, according to financial experts …” seniors having “a tougher time adjusting to higher consumer prices than workers, who continue to get paychecks,” those who “live off income from investments and guaranteed sources such as Social Security or pensions,” in deep trouble.
The real question is why the Biden White House and congressional Democrats are not more concerned. The answer may be wishful thinking, cognitive dissonance, a sense that many seniors are not Democrats, and a general disinterest in the impact of their policies on seniors.
On one hand, Biden and congressional Democrats downplay inflation, oddly blaming Russia, pretending it is minimal, or somehow justified by federal climate policies. On the other, they seem to misunderstand how profoundly older Americans are hurting.
Energy and overspending inflation are not easily contained, and so we can expect effects to continue for months, if not longer. Farmers, for example, face higher costs for petroleum-based fertilizers, crop maintenance, and transport to markets.
So, when will Biden’s inflation end? Probably, not soon. Needed will be a recession, high interest rates, unemployment – which lowers consumption, investment, and prices.
The only other way out is reopening the fossil fuel economy, restoring US energy independence, curtailing federal overspending, reducing the regulatory drag, more trust in the private sector.
Patently wrong-headed are federal subsidies – for gas or any sector – aimed at reducing inflation since one of the key drivers is a dollar value that is falling under the weight of federal debt. Perhaps the best answer is this: Needed is more responsible federal leadership, which may have to wait until next year. In the meantime, buckle up. Thank you, Mr. Biden.
DICTATOR Beijing biden’s INFLATION hurting Seniors is an understatement.
It’s DESTROYING Seniors lives and the United States of America.
I wonder if the high jobs report posted today has anything to do with many seniors returning to the work force just to survive?
I am a senior, I have had to cut out meat, vegetables and fruit from my grocery list. I cut my prescription pills in half and in fourths to make them last longer. I eat once a day now. I have to save up for 2 months to be able to drive to the city to buy food and putting gas in my car cuts into my food budget. I eat rice, beans, pasta, a little cheese when I can afford it. I have not seen a doctor in 4 years. I do not get any assistance or help from any church or charity. I can’t imagine things getting worse for me, but here we are, with a illegally seated fraudulent president who is ruining our beloved country and he and his cohorts are evil and heartless and it has always been their intent to ruin our nation and they won’t stop until they are stopped by the True Patriots who have a voice and are willing to fight to get us back on track. I am too old, poor and sickly to do anything much. I pray to our Good Lord, that is the best I can do and I pray every day. God help us. God bless America.
of course it does and what hurts worse is this briberous scumbag that is in the white house.
Hurts ALL but leftists who dont “feel” like the Rest of US
I am so disgusted by this man and his people #AmericaFirst
These Democrats don’t care who gets hurt and could care less about seniors. Remember that most of these Democrats are climate change alarmists and part of that is overpopulation. Allowing those, they deem unproductive to the State can suffer and die, leaving no more carbon footprint. And with all the indoctrinated Marxist being cranked out of the colleges and universities, more and more as seniors die, these Marxist will continue to vote for more government until the whole country becomes a totalitarian tyranny! Is this the coming of end times? Only God knows!
When the government gets rid of the senior population, there will be less resistance to the changes they want to make because most of us know how this great this country used to be & don’t like or want the transition being offered by our government. The younger population has been indoctrinated for years & are now adults accepting these negative changes.
I remember when the Dems were pushing the affordable care. The GOP was throwing grandma under the bus. Just goes to show the party that is doing just that.
Biden is about as useless as “Lipstick on a Hog”. I stand by that. Didn’t meanto insult the Hogs like that. I stand by this..
The article didn’t talk about the major increase in the cost of housing, especially rent. Our rent just went up 15% overnight. Add this increase to gas and food inflation for seniors on fixed incomes. The golden years are disappearing as we speak.
RIGHT ON!!
i agree that Biden is not living up to his commitments when he got elected for seniors. Whatever happened to the supplemental income he was to give seniors. Not just seniors at poverty level are struggling now. Inflation is killing the senior population. I feel the government does not care and would be happy if we all just died so that we do not drain a system going in deficit in around 10 years that no one wants to fix. He is spending money like it means nothing and the middle guy stuck with inflation because of it. Latest move tuition forgiveness. It is now forgiven. The government is simply transferring debt from the person in debt to YOU. Joe could be doing a whole lot more for seniors than what he is doing. He will not get my senior vote next election. Hey if they can forgive student debt they can do something for seniors.