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Seniors Hard Hit by ‘the Runaway Biden Inflationary Spiral’

Posted on Thursday, May 12, 2022
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by AMAC, John Grimaldi
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52 Comments
Seniors

WASHINGTON, DC, May 12 – Retired seniors and those who were planning to retire in the near future are scared that life as they knew it is threatened by the impact of the runaway Biden inflationary spiral that began climbing soon after he took office in January 2021. Back then, the rate of inflation stood at 1.4%; it is currently hovering at or above 8.4%.  

Meanwhile, the retirement experts at the American Advisors Group [AAG] conducted a survey among 1,500 seniors between the ages of 60 and 75 about the impact of the skyrocketing inflationary levels and they found that:

  • For many seniors, their financial supply is running out. Nearly one third [36%] of older Americans believe they will outlive their money…that they just don’t have enough money for retirement.
  • 66% are worried that it will have a negative impact on their retirement
  • 53% said the cost of living is higher than they expected

Perhaps the most disheartening finding was that fully 81% of respondents said they were fearful that their children and grandchildren won’t be able to retire comfortably. Why? Because if and when the causes of inflation are resolved, it’s unlikely sellers will bring their prices down.  Laura Veldkamp, a professor of finance at Columbia Business School, put it this way: “When somebody sees that [for] their business the costs are too high, it’s become unprofitable — they’re pretty quick to recognize that and increase prices.  But rarely does a person say, ‘Gosh, I’m making too much money. I better reduce those prices to solve that problem’.”

So, what does our president have to say for himself. His speech regarding inflation earlier this week was supposed to be about how he plans to deal with the debilitating inflation the nation faces. As Stuart Varney at Fox News put it, “instead of a policy, the president delivered a campaign speech. That’s all it was: just a set-up for November. A desperate attempt to blame and demonize the other side.”  An ABC News report seems to corroborate Varney’s assessment: “The President’s speech at the White House was advertised by his advisers as being focused on his plan to fight inflation. While Biden did speak about inflation, he spent a significant amount of time attacking Republicans for a plan put out by the Senate GOP’s campaign arm than laying out any new policies that would reverse a series of troubling economic developments.”

While President Biden tries to cover up his missteps that led to the current inflation crisis, Senators Tim Scott [R-SC] and John Thune [R-SD] and at least nine other Senate Republicans seek to do what they can to deal with it. Their Inflation Prevention Act (IPA) is designed to help curb combat inflationary government spending. The bill would bar legislation that would be estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent. Marco Rubio [R-FL] describes the measure as “a few commonsense guardrails in place to curb reckless spending habits in Congress that threaten to create even more challenges for American families.”

Said Scott, “The truth is that President Biden’s economic policies have led to the worst inflationary effects in our economy in 40 years. That means that the average person in our country is experiencing an invisible tax that is eroding their spending power. That means that our seniors who are on a fixed income have to find a way to ration either their health care or their medicine, their energy, or food. It means that people who are growing up in households like the one I grew up in [are] now having to make harder decisions than they’ve ever had to make. That’s wrong.”

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Rudyard
Rudyard
1 year ago

… no two ways about it, no room for argument, we’re being punished. All these pernicious policies by the Biden Administration smack of political payback by the Clintons and Obamas, over the 2016 election.

So too, the country-western concert massacre, Las Vegas, 2017.

The Biden administration seems to be a de facto presidency, for Hillary Clinton. Listen carefully as the word, “norm,” frequently used by Hillary Clinton, turns up with ever increasing frequency, in Biden’s speeches.

June
June
1 year ago

Political payback, you’re being punished, for not voting for Hillary Clinton. This is what you get.

Tyrrell
Tyrrell
1 year ago

We’re being ping-ponged. First, it’s all Russia’s fault. Then, it’s Trump’s fault. Then, it goes back to being Russia’s fault. Then, it’s the MAGA people’s fault — on account they’re so extreme.

james michalicek
james michalicek
1 year ago

I am glad I am sitting on my bench alone.

David Millikan
David Millikan
1 year ago

You can’t tell me that 85 million voted for DICTATOR Beijing biden so we can go from 1ST UNDER PRESIDENT TRUMP to LAST UNDER DICTATOR Beijing biden.
DICTATOR Beijing biden started in 1973 as a POLITICIAN and was NOT a Millionaire. He hasn’t even had a REAL JOB before that or even now for that matter. He is PRIME EXAMPLE of CORRUPTION and SELLING OUT the UNITED STATES of AMERICA.
That ONLY HAPPENS BY SELLING OUT. Look at SWAMP QUEEN pelosi, SAME THING. Look at ALL the COMMUNIST Chinese STOCKS Both her and husband have BOUGHT. Add Maxine Waters who lives in Multi-Million Dollar HOME and DOESN’T LIVE IN HER OWN DISTRICT WHICH IS CRIME RIDDEN.
Follow the money on FASCIST liberals. How MANY IN BACK TAXES DO THEY OWE?
DICTATOR Beijing biden OWES $56 Million from last year alone. No telling how much HUNTER Biden OWES. Or HILLDOG Clinton OWES.
And WHY hasn’t DICTATOR Beijing biden Donated ANY of his paychecks to CHARITY like PRESIDENT TRUMP DID?

Gregg H Lambert
Gregg H Lambert
1 year ago

One more time in case some of you missed it – everything the fascist-democrat party is doing is designed and intended to reduce America to third-world, s**t-hole status (#obamaricejarret)

Patriot Will
Patriot Will
1 year ago

My wife and I are in our late 60’s. Presently, we are keeping our heads above water; however, we are very fearful of our future. We just received a $927 oil heating bill for 140 gallons. We used to be under a price protection plan. Our price has doubled in a one month period. I can only imagine what’s going to happen to our home heating costs. I feel like I’m Rip Van Winkle who’s been asleep for 20 years and have woken up to an entirely new and frightening society.

Michael
Michael
1 year ago

Biden is a disaster for our country and he’s not going to change.

Steve
Steve
1 year ago

From the article: “Laura Veldkamp, a professor of finance at Columbia Business School, put it this way: “When somebody sees that [for] their business the costs are too high, it’s become unprofitable — they’re pretty quick to recognize that and increase prices. But rarely does a person say, ‘Gosh, I’m making too much money. I better reduce those prices to solve that problem’.” ”

Laura Veldkamp needs to get a clue about the free market system (of which we have but a few vestiges left), and that is that people never have to face the question of whether to reduce prices because they are making too much money — competition does that for them.

TIKA
TIKA
1 year ago

dems can’t run a lemonade stand. reducing the intelligent American patriot population, replacing it with uneducated illegals indebted to them for easy permanent entry who will never work, never refuse handouts, never complain to keep their power. their election platform should be “shut up or we’ll get rid of you, too.”

porterv
porterv
1 year ago

It’s not that the Democrats are incompetent, but that they are evil. Their goal is to destroy what is left of God-fearing America and they are succeeding. Democrats are Satanists.

Nancy Parry
Nancy Parry
1 year ago

Yup, we are on a fixed income. I cringe every time I go to the grocery store. Fearful of what our heating costs will be next winter. My husband already can’t afford his diabetes medication…he hit the donut hole after only 4 months and now just one of his prescriptions is $250.00 for a 28 day supply

Gloria Hensley
Gloria Hensley
1 year ago

Seniors – yes, but what about the families with young children to feed, and those with infants who are unable to breast feed and depend upon formulas –that are being shipped to Ukraine and to feed the illegal aliens’ babies? Children they can’t kill by abortion and by giving them the Remdisiver euthanasia shot and destroying them in every other way. Sorry, I’m a senior myself, on a fixed income and live alone, but those poor babies and children are much more helpless than I am.

Spud
Spud
1 year ago

We don’t need 2000 Mules, to tell us. We knew the election was rigged. We knew it, day one. What we didn’t know until now is, it’s Hillary Clinton behind the curtain, running the Biden Administration. Our de facto president ism Hillary Clinton.

Casey C Matt
Casey C Matt
1 year ago

Heck, judging by recent postings by AMAC I would think they would support ole Joe and also blame every complete screwup on Bidens part on the “evil Russians”.
Don’t let your AA membership lapse. If AMAC road service is as reliable as their conservatism ya might be waiting in your broken down car for weeks…..or forever.

J C
J C
1 year ago

Democrats Pushing Grandma off the Cliff.. to bad it isn`t Granny Nancy

Karen
Karen
1 year ago

Yeah, I’m one of those seniors…… but, I will hang on until November to see you go down, down, down and I will cheer every day in front of all you commie Dems.

Terri Matson
Terri Matson
1 year ago

We are hanging on, month by month. We are cutting everything that can be cut and not replacing what is broken or worn out. We are luckier than most. Instead of buying a nicer home when we moved in 2019, we bought a fixer we can’t afford to fix, considering the cost of materials now and the casual labor folks who think raking leaves is a $100 an hour career. We can’t fix up this dump, but we have everything we really need with a mortgage less than $500 a month. We relocated before the housing prices skyrocketed. Good thing. Joe is not going to be helping seniors any time soon. Illegals first, seniors dead last, unless they want more of our money.

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