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Chairman Smith: Cost-of-Living Adjustment Is Cold Comfort for Seniors Wrecked by Biden’s Cost-of-Living Crisis

Posted on Sunday, October 15, 2023
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by Outside Contributor
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36 Comments
Cost-of-living adjustment for social security cards

WASHINGTON – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Consumer Price Index showed prices rising 17.7 percent since President Biden took the Oath of Office and the Social Security Administration released its annual cost-of-living adjustment for the 65 million Americans on Social Security:

“Seniors may be getting a slightly larger check in the mail but that’s only because the Biden Administration’s failed economic policies have made everything from gas to groceries more expensive. Democrat spending is the very reason seniors need a larger check to try to keep up with high prices. President Biden’s cost-of- living crisis hurts seniors not just today but will continue to run down the resources of the trust fund for retirees.

“‘Bidenomics’ rears its ugly head every time seniors buy medicine, put food on the table, or heat their homes. Ways and Means Republicans have a plan to keep more money, that is today being stolen by high prices, in the American people’s pockets so they can afford to provide for their families and enjoy their retirement.”

Key Background: 

  • Seniors Feel Inflation Pinch: Social Security’s cost-of-living adjustment is 3.2 percent, higher than the 20-year average of 2.6 percent, because of high inflation.
  • High Prices Sticking Around: When removing food and energy, this month’s core inflation (4.1 percent) is even higher than the topline number. Core inflation rose for the second month in a row.
  • Prices have increased 17.7 percent since President Biden took office.
  • Real wages and benefits have fallen 3.9 percent since President Biden took office.
  • Since President Biden’s first month in office, Americans have faced 31 straight months of rising prices.
  • Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • The average monthly mortgage payment is $1,270 and 112 percent higher than when President Biden took office in January 2021.
  • Credit card interest rates are at the highest level in nearly three decades.

 

Reprinted with permission from the US House Committee on Ways and Means.

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Steven
Steven
6 months ago

If I hear another Republican or Democrat politician tell America that Social Security and Medicare are going broke then later send $$$Billions of American taxpayer dollars to corrupt countries like Ukraine, Iran, Central America, Mexico, South America, Africa, etc. I confirm that our government is completely dysfunctional clueless as well as corrupt…Put America and American citizens first or get the heck out of this country…

David Millikan
David Millikan
6 months ago

Add to insult that Dictator Beijing biden is going to GIVE FREE Medical, Food, Education, and Housing to OVER 6 MILLION of his ILLEGAL ALIEN TERRORIST. Which will COST $BILLION of TAX DOLLARS and then he’ll want to RAISE TAXES AGAIN AS USUAL TO PAY FOR HIS ILLEGAL ALIEN TERRORIST COMFORT. That WILL ALSO INCLUDE THE OVER 20 MILLION THAT GOT AWAY ROAMING AROUND FREE IN THE UNITED STATES. Which means, IN YOUR NEIGHBORHOOD.
But those of us on Social Security and Disability get a Whole Extra $30 to $50 from COLA 2024 raise which IS ALREADY WIPED OUT from current INFLATION not mention HIGHER INFLATION come January 1, 2024, and then ADD Premium Increases and what do you have for Cost of Living Increase? ZERO DOLLARS and IN MORE DEBT.
Yet, Millions of Illegal Alien Terrorist are going to live High and Mighty off YOUR TAX DOLLARS and TAKE YOUR JOBS AWAY FROM YOU AND VOTE ILLEGALLY FOR 2024 Presidential Election.
Not to mention this is also the Fascist liberals way to Breed out Americans and Not just White people.
This is NO BS people it’s all part of their plan.
WAKE UP!

PaulE
PaulE
6 months ago

Democrat led administrations are typically known for destructive economic policies, which impact the quality of life and affordability of everything for the average citizen. Yet half the country keeps falling for the same tired siren song of free something and permanent victimhood when elections roll around. Short of this segment of the voting electorate actually realizing the stupidity of their decisions in the voting booth, this cycle of periodic economic destruction is doomed to continue.

Unfortunately. seniors will bear a financial burden along with everyone else. Two and a half years ago the annual rate of inflation was 1.4%. Today that rate is officially over 5% per annum per several federal government agencies. Inflation is sticky, in that it takes years for it to be brought back under control. It is NOT sometime fixed in 6 or 12 months. The key is to STOP feeding the inflation beast with more wasteful spending. Which if you look at the latest budget for 2024 put forth by the White House isn’t slated to slow down anytime soon.

Linda
Linda
6 months ago

This article states that prices have increased 17.7% since Biden took office. This year’s COLA and the proposed COLA for 2024 together don’t equal 17.7%. And then there’s the increase of approximately $10 per month in the Medicare premium. Seniors with limited income don’t have a chance! I am sick of Bidenomics! The current administration is destroying this country!!

Rik
Rik
6 months ago

Communism is thriving within the Democratic Party Leadership but I’ll continue fighting it until I die! So Comrade death to ALL Democrats!

Gabe Hanzeli kent wa
Gabe Hanzeli kent wa
6 months ago

Yup all you over 60 democrats screwed yourselves by voting for democrats. Trump had you doing well, but you were so stupid you were talked into thinking somehow the democrats were good and trump was bad.

Now you have lost 10% of the value of your SSN and 25% of the value of your investments. Nice job you stupid old fools.

Maybe you should learn that as a rule republicans will take better care of the economy then democrats. that will mean you will do better.

Robert Zuccaro
Robert Zuccaro
6 months ago

I noticed today that a Swanson Italian Lasagne that used to be about $10.50 two years ago now costs $16.75. I learned yesterday that I get a 3% COLA increase for my milpay disability. Think that will buy me a lasagne? Gas? Heating oil? I spent over $700 on food this HALF month… think Biden GAF? I don’t think so!

Mary
Mary
6 months ago

One thing that I have never understood is why the cost of food and energy is not figured into the COLA. Those two things make up most of my budget!

Jackie
Jackie
6 months ago

I saved, I saved and I saved some more and I thought I had enough to keep me for the rest of this lifetime! But then my granddaughter got sick, she can’t work, I am having to support her and, at 75, find myself having to look for work!! Nothing Biden or any Democrat administration is doing anything to help me!! But we will send billions to Ukraine, Iran (with no way to make them accountable for where it goes), Argentina, we fund labs in China, we buy products from all over the world but what do we make here anymore!! Our medications are made in China – do you trust them to do that, I don’t!! Biden’s inflation and Bidenomics are being the death of me these past three years!! I am terrified that I am going to run out of money and do you think our dear, darling president is going to take care of me instead of the LGBTQ crowd or the student loan crowd – no, I’m an old woman who does have some common sense and some intelligence, who is capable of doing research and learning, who is NOT stupid, who doesn’t like being told what to do by a dictatorial administration!!! If Democrats hadn’t borrowed/stolen from the Social Security coffers maybe we would be better off! I know they say that they paid it back but, you know, they are throwing around not millions but billions and trillions of dollars and I have to wonder who actually keeps track of all of this money, down to the penny!?!?!? I’m not sure anyone does – that’s why some politicians get rich, they pocket some money that’s just floating around out there!!

legally present
legally present
6 months ago

I don’t know where the get their percentages from. For instance before Biden water was .99/gallon, now it’s 1.35/gallon, soup was .99/can now it’s 1.29, meat is ridiculous!! Tenderloin was 19.99/lb. now it’s 27.99 (or more), EVERY PENNY of my SS is gone in the cost of our Medicare, PLUS the cost of our supplements have gone up even more. Car ins. is MORE, real estate Taxes go up EVERY year. I’m falling further into the hole every year with the FOOL in the WH, and his equally stupid Exutive Office picks. Hold overs from his years as VP, and every base covered regardless of talent.

Derby
Derby
6 months ago

Who Cares??

Bob
Bob
6 months ago

Sorry about that.

Bonnie
Bonnie
6 months ago

I got a notice of an increase in my Social Security but when I checked there was NO increase. This is just another vote buying scheme from this administration.

PapaYEC
PapaYEC
6 months ago

Yeah, that 3.2% is about 4-5 times less than Biden’s tax-by-inflation. Not to mention the tax by arson and destruction of farms and ranches. Or government-induced water shortages.

MariaRose
MariaRose
6 months ago

That doesn’t guarantee that you have a true understanding of the letter of the law, it just gave you the Havard version of interpreting the law.

Chris
Chris
6 months ago

That classifies you as a taker along with all the other bloodsuckers out there. You should have gone into something where you would be a maker — something you could look back on with pride to see what you built.
The US has far too many takers and not enough makers, I wouldn’t be bragging about being a taker if I were you. Shows poor judgement on your part.

Robert Zuccaro
Robert Zuccaro
6 months ago

Uh-huh. I’m betting you couldn’t even draw a good enough “Tippy the Turtle” to get into at-home art school….

Will
Will
6 months ago

I hate to say it but you think it’s bad now we end up going to war defending Israel, and then end up in world War 3 this country will probably end up collapsing. Thanks to the stupidity of the Biden and Obama administration. All hell is gonna break loose if that happens.

rvgrandma
rvgrandma
6 months ago

Out of my about $60 ‘raise’ Medicare Part B and deductible increases will take a portion and my medigap will take a portion. That will leave me about $20. Not really since inflation on groceries and other living expenses will eat it up.

Lloyd Grisham
Lloyd Grisham
6 months ago

This is what happens when you vote for corrupt morons! We need a change quickly or we are done as a country.

Janet
Janet
6 months ago

And watching how brainwashed your school mates are with protesting and supporting Hamas doesn’t make you a desirable person to hire or trust. Sorry you made such a poor choice of schools.

james carlyle
james carlyle
6 months ago

Another sick joke

jander
jander
6 months ago

Well la de da for you. You must be a democrat.

Dasraa
Dasraa
6 months ago

I an truly sorry for you.

Mike, the college drop out millionaire
Mike, the college drop out millionaire
6 months ago

I think that is impressive! Most people would not be accepted to Harvard for any studies. You are obviously very bright, so please respond to this article about inflation. Your wisdom should be shared with us all.

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