Every group of Americans has been hard-hit by the soaring inflation and economic malaise of the Biden-Harris years – and thus has reason to celebrate Donald Trump’s re-election victory. But one segment of the population that can breathe a particularly heavy sigh of relief is American seniors.
The annual inflation rate during Biden’s term has averaged around 5.2 percent (compared to 1.9 percent during Trump’s first term), affecting the purchasing power of seniors on fixed incomes as Social Security cost of living adjustments (COLA) have consistently lagged inflation rates. In 2022, when inflation was at its worst, the Senior Citizens League estimates that COLA increases fell short of inflation by an average of 46 percent per month.
As prices have risen, many older Americans have found themselves cutting back on both discretionary and basic expenses, with retirement savings losing real value to inflation. Half of older Americans under Biden have said that they dipped into emergency savings to make ends meet. 25 percent of older Americans have also delayed retirement due to inflation.
In addition, Biden’s theft of Medicare funds to bankroll Green New Deal policies has left seniors paying higher premiums, forcing households to cut back elsewhere to afford essential medical care. Under Biden, seniors saw the largest ever Medicare Part B premium increase, while the average monthly Part D premium has increased 21 percent over the past year. Despite promising to never cut Medicare, Biden also cut base payments for Medicare Advantage plans, leading to more increased costs.
If Harris had won this year, American seniors could’ve been in for even more financial hardship. The vice president’s economic plan was estimated to have cost at least $1.7 trillion – leading to more spiraling inflation that would’ve once again hit seniors the hardest. Harris’s plans for tax increases, including on capital gains, would’ve likewise pushed retirement out of reach for countless older Americans.
Additionally, as AMAC CEO Rebecca Weber warned, Harris’s plan to grant mass amnesty to 10-20 million illegal aliens would have bankrupted Medicare and Social Security overnight, depriving seniors of the benefits they have earned.
Trump’s victory offers the hope of a much brighter future. Along with ensuring that illegal aliens do not drain Social Security and Medicare funds, the 45th and soon-to-be 47th president has promised to save those programs from looming insolvency by cutting spending elsewhere in the government and diverting those savings to entitlements.
“While we absolutely need to stop Biden’s out-of-control spending, the pain should be borne by Washington bureaucrats, not by hardworking American families and American seniors,” Trump said in a policy video last year. “The seniors have been absolutely destroyed over the last two years.”
Trump has proposed further boosting seniors’ benefits by eliminating taxes on Social Security income. In total this year, the 67 million households that receive Social Security checks will pay about $94 billion in taxes on them. Putting that money back in the pockets of seniors would be a huge and immediate relief.
Trump’s policy agenda also promises to lower inflation – specifically through, as he says, “unleashing American energy.” This will be a welcome development for seniors, along with the rest of the country. Energy prices have soared an astonishing 72 percent under Biden, and were expected to more than double in some parts of the country next year.
As Trump astutely recognizes, along with reigning in government spending, bringing down the cost of energy is the most effective and immediate way to lower prices. When the cost of fuel and electricity goes up or down, so does the cost of everything else.
To create an American energy boom, Trump has pledged to “rescind every one of Joe Biden’s industry-killing, jobs-killing, pro-China and anti-American electricity regulations” on day one of his presidency. He has also promised to speed up approvals of drilling permits and open up more federal lands for oil and gas exploration. The goal, Trump has repeatedly said, is for America to have “the number one lowest cost energy and electricity in the world.”
In addition, Trump has promised to reduce government spending, the other major driver of inflation. One of his most innovative proposals is the restoration of the executive branch impoundment authority, which allows the president to return unused funds to the general treasury. Congress severely limited the impoundment power in 1974, but Trump hopes to restore it, either through legislation or legal proceedings, in order to “squeeze the bloated federal bureaucracy for massive savings.”
Another important Trump agenda item for seniors will be the extension of the 2017 Tax Cuts and Jobs Act, which sunsets in 2025. That bill reduced taxes for almost all Americans, but in particular lower- and middle-class households. While Harris planned to let those tax cuts expire, Trump has promised to not only extend but expand the law’s provisions.
The Trump economy prior to the COVID-19 pandemic was one of the strongest in American history, delivering record returns for seniors and younger Americans alike. If Trump’s 2024 agenda is any indication, seniors can expect more of the same over the next four years.
Shane Harris is a writer and political consultant from Southwest Ohio. You can follow him on X @shaneharris513.
Trumps victory is a mental health win for me
I am a senior and even if we didn’t benefit much economically from Pres. Trump’s win, we must first save our constitution, republic and our country.
I will hit my FRA in mid 2025. I was hoping to wait until 70, but might not be able to financially. Luckily, OR doesn’t tax SS, but if Trump can get all SS not taxed, and make changes to guarantee solvency, I will start claiming sooner. I’m lucky to be completely out of debt and living on a dream property with everything paid for and almost no expenses. So, living just on my SS, although well below poverty level, was doable. That took planning and sacrifice and Harris would have taken a lot of that away from me. I was even considering expat status somewhere. Now, I can stay here and hope that JD Vance wins in 2028! MAGA for the next 8 years at least!!!
Praise Almighty God for Donald Trump’s victory! May God bless Trump and Vance as they endeavor to make America great again, and may our country experience a spiritual revival. Conversely, Biden needs to be charged with failing to uphold his presidential oath of office by putting America last and persecuting conservatives. The other members of his tyrannical regime also need to be held accountable.
I hope and pray President Trump is able to accomplish most if not all of this.
Every group of American citizens will benefit from a Trump economic agenda, not just seniors. That point has to be emphasized to everyone you interact with. The Democrat economic agenda personified by the likes of Obama, Biden and Harris, the Democrat agenda based on Marxist ideals, along with every other Democrat in Congress, would have destroyed this country, if they had been able to continue their stated plans to the ends they desired.
The focus now must be on ensuring that Congress first makes the Trump tax cuts of 2017 permanent, and then moving quickly on to passing and implementing the next wave of economic growth policies Trump spoke of on the campaign trail. Along with scaling back the regulatory excess and excessive spending that cripples so much progress in the United States and makes us less competitive globally. Congress must move quickly to get it all done, rather than being allowed to settle into their usual snail’s pace of doing everything. It’s well past time the federal government started acting more like a business in the 21st century responding to the real-time needs of its customers and clients, than an old boys club stuck in the 1930’s focused on doing as little as humanly possible and hiding behind endless bureaucratic nonsense.
God blessed America. Thank Him.
I am turning 75 soon and am excited for Trumps election results for multiple reasons. God Blessed the USA!!
It is shocking that the Biden Administration stole from seniors SO MUCH of what is rightfully ours – what we worked for, contributed to, and paid taxes on for our entire working lives.
The biggest difference between “democrats” and Republicans is clearly the moral one. “Democrats” always know they’re robbing taxpayers to feather their own political nests, and, to them, it is simply not an issue. Given the election returns, I imagine they may now see that we feel otherwise.
Biden may be a senior citizen like we are, but that should not dissuade those who may contemplate bringing criminal charges against him for his outrageously malfeasant acts while in office. Our citizens need to heal… and, this filthy, former “President” needs jail time.
“Glenn” said it perfectly. Trump is a mental health win for me, too! I didn’t realize how deeply the direction the nation was headed was affecting me. But when I heard Trump won I suddenly felt hopeful. Like a weight was lifted. Let’s do what we as individuals can do to help make America great yet again.
To be clear, SOcial Security is NOT an entitlement program, and should not be referred to as such!!
it is a government managed bank savings account that was paid into by every working citizen with a US Gov issued SS number, for a promised future safety net payout after certain ages and life situations.
please refrain from ever referring to it as an entitlement program.
The dems will never admit they messed up the past 4 years. Their resistance is in full swing to get Trump out as president. They dismiss the will of the voters. It was racism and sexism, that voted Trump in. No dems, Trump had a plan that gave people hope to be able to buy food and gas and pay rent every month and not have to make a choice, food or rent or gas. These proposals Trump has are energizing the people, gives them hope and food on the table. When one runs on nothing but lies, which the dems have done since 2008 and revved up under Biden Harris they fell on their own sword. This no tax on social security is a life saver for many seniors. They have worked hard their whole life, saved a little and can’t use those savings for a trip or going out to eat, they need it to live. Trump understood that.
Tariffs will bring jobs back to US & keep dollars here vs now rich foreign countries.
Republican politicians need to make sure rinos don’t screw this up. IMO
President Trump, back in the White House is great for every aspect in all of our lives! Praise GOD!
Trump’s victory says so much about God’s involvement in America that we can take a deep breath and know we are under His care!
THANK YOU TRUMP! NOW MAYBE WE CAN LIVE ON OUR SS AND MAYBE EVEN PAY SOME OF THE CREDIT CARD DEBT WE HAD TO INCUR LIVING UNDER BIDEN ‘BIDENOMICS”!
Yes, here’s keeping our fingers crossed that congress extends the 2017 Tax Cuts and Jobs Act and makes them permanent. Certainly has helped me and I assume others who don’t even realize it. Standard deduction for this year if you are married is $30,000 + an additional $3,000.00 if you are married and over 65 filing jointly.
Thank you Shane, fur a great article and the Spend thrift Democrats have literally killed Senior Citizens and Veterans because of the high cost of Medicareand low COLA raises and Income of us Seniors and Veterans the cost of Groceries, Gasoline,Rent,Utilities, phone, and doctors appointments, and taxes charged by the state of New Mexico and federal government. And the constant harassment by State and Federal Politicians constantly asking for donations for their campaigns.And harrassment on emails and text messages if Medicare was lower and COLA was higher and prices on everything was lower including the prices of prescription drugs it wouldn’t be so difficult to live….
Meanwhile, here in Arizona, they are still printing/counting ballots. Florida, with 3 times the population, finished their ballot count on the evening of ELECTION DAY! Arizona won’t get declared until NOVEMBER 11TH!!!
In Arizona, it is still 1796! What a freaking embarrassment!!!
I’m sleeping better!
Remember, to pray for President Trump’s protection. Pray that those plans make in secret to cause harm are revealed so they may be thwarted. Clothe him and Vance in the full Armor of God. And of course, pray that the hearts of the people of our country turn back to God. He has been merciful to us. We have erred and strayed so far from Him.
I’m on a fixed military retirement income so YES I look forward to gas and energy prices falling then as the cost of delivery falls, the prices of goods to follow. Tariffs will only affect imported goods so unless I’m buying a new electronic device or Nikes, I’m good!
I bet your writers are delighted to be able to give us such uplifting news. Yes, we are so relieved that President Trump will be back in office with these no-nonsense initiatives. I also read what the other side has to say and they believe that all the poor people will starve while the rich will get richer, Trump will defile the national parks with commerce, and cause WWIII.
We know, because Trump already has a good track record, that he will do some great things for the country starting with undoing all of the horrible things Biden has done to undo all of the good things Trump did in his first term, and I can hardly wait to see the positive results.
And, perhaps I will be able to afford groceries and gas again!
this new environment is perfect for a line item budget veto legislation passage too.
Thank you so much Mr. Harris. Your article is speaking the truth. As far as I am concerned, I am 68 years old and lived, worked in California for more than 40 years, I moved to Texas 2 years ago because of the Communists Gavin “NewsCum” government (I voted him out on Recall a few years ago, I think they cheated on recall voters). After retiring, just only 2 years my savings is gone ( even though living in Texas cost a lot less than California) and I went back to the job market to work part time for support myself and my wife food in table and the roof above our head!!! I voted President Trump because if Kamala took the President position, we are planning to go back to Vn for living (we are both US Citizens ). Thank you so much President Trump fighting for Americans and God bless him, his family and all of us!!!
With President Trump we will be able to afford Food again and not have to skip every other day or two to eat like we have had to with biden/harris.
“…the 2017 Tax Cuts and Jobs Act … sunsets in 2025.”
Why is it that tax cuts are always temporary? How about making them permanent?
Besides the boost to senior citizens’ income by not taxing SS, it will be an economic boost across the country as that money will be spent in stores.
That the money spent will be taxed at the checkout counter is often overlooked by economists of the left. An easy calculation would be that 10-15% of the money seniors are permitted to keep will eventually be Federal revenue. Seniors have little incentive to save in our later years, we just want to live comfortably.
President Trump’s win is a victory for every American, no matter how old they are.
Claw back the Millions$$$ earmarked for the 85,000 IRS agents trained to harass and steal from the people. Figure out how to get back to constitutional taxation and only use the funds that were agreed to in the beginning, TARRIFS!!! And include SS and Medicare expenderatures in that pool.
As Captain Jon Luc Picard would say…..”Make it So!”
The Biden/Harris economy was very bad for struggling seniors. It’s not like we can go out and get jobs to make up for the disastrous inflation and high prices. Some seniors really can get jobs. Many, like me, are just too damaged physically or too sick to work at Walmart.
Why am I so damaged? Because in 2008 and 2010 when I was living in Albuquerque, NM (Blue state, open border, gave driver’s licenses to illegal aliens) I was broadsided by 2 different illegals blasting through red lights. They destroyed 2 very nice paid for cars, ended my ability to work and make a living, left me a broken physical wreck in constant pain. I also did not receive much compensation from the insurance companies who insure illegals. Am I against illegal immigration? Yeah, I really am. Do I want them all deported? Yeah, I do. I live about 100 miles from the border. It’s personal.
Once again, Donald Trump is poised to take effective measures to boost the economy for the American People, rather than tolerating the self-serving, fraudulent, unpatriotic, economy-assaulting “democrats”, who clearly don’t support democracy.
“Democrats” thought they destroyed President Trump when they executed their ballot fraud scheme in 2020, and then waged “lawfare” against him since then. Now, President Donald Trump has turned the tables on these incorrigible buffoons… and we all are laughing! I wonder… how many of their crimimal accomplices will see the inside of a prison cell?? Only your hair dresser knows for sure!!
If I recall correctly, Biden voted to tax Social Security earnings repeatedly; that hurt us along w/ my wife’s healthcare marketplace crap insurance policy
Like a weight was lifted. Let’s do what we as individuals can do to help make America great yet again.AMEN…
My only worry is who will take over for Trump in 2028. His kind only comes around maybe once in a hundred years if that.
When Trump rolls back Bidens oppressive energy executive orders and gas gets cheaper, then goods, I’ll celebrate! Until then Biden still raping my savings.
I am also a member of NARF. The comments I see are that people are worried that Trump is going to take away all their benefits (pensions, SSN, 401k, & health). NARF is not doing enough to inform and correct these worries. I’ve kept my membership just so I can compare what they say in comparison to AMAC. One of their articles addressed Trump’s 2025 agenda, which of course is false. Shame on NARF for not doing their job, the sole purpose of their existence is to provide honest informative information and they are failing. Hands down AMAC is more informative and honest IMHO.
YES Now downsize SS & Medicare DC BUREAUCRACY alone OK
God has again blessed this great country and its people. I pray for Trump’s safety and success as he tackles such an enormous agenda. Let’s all do our part to help and support this agenda in any way available to us. God bless America!!!
YES,YES, YES!!!!
The most outrageous thing about the entire Harris campaign was her complete 180-degree lies about how she would support the middle class, lower taxes, blah, blah, blah.
The serial liar actually stole a number of original DJT policies, which he was not shy about calling her out on. Folks, we dodged a battleship broadside barrage with her, and the Progressive-Socialists, defeat on Nov. 5. But, hear me, they are not about to give-up, or change. Matter of fact, Harris’s “concession” speech was all about “continuing the fight.” Unless the Repubs finally get off their collective asses and take harsh measures to stop them cold, they will return, and with a vengence.
As a senior struggling to provide nutritious meals for my partner and myself, I think I can see foods other than soups and salads in my future. Not that I don’t like soups and salads, but day after day it gets pretty boring and I’m craving a steak.
Go Trump Go!
It would be great for 4 years. If it isn’t made permanent then every senior will go back to being taxed to death.
Just a note to all voters in every state, since you didn’t give the Republicans a great majority in the House, YOU SCREWED YOURSELVES. Only dumb people vote for a great president and then for the opposent party for house and senate. Talk about not knowing about the government, you should all take 8th grade civic class.
Unfortunately, the biggest loss for seniors in this election was the overwhelming wins across the USA for the uncontrolled “medical” procedure of prenatal child executions and other childhood procedures hidden within the Trojan Horse of those state initiatives and amendments.
Self defense may be acceptable, but this procedure is the most dangerous form of “contraception” and should never be allowed to be used against the most defenseless lives in our “great” nation.
After researching the available statistics a few years ago, I discovered that fully ONE THIRD of all pregnancies since 1973 were executed at the hands of (left wing) SCOTUS approved medical hacks with vacs. It is likely that less than 10% might be characterized as “self-defense”.
THAT my friends has major consequences for everyone’s social security. Is it any wonder that between this holocaust against the unborn and the left’s determination to bankrupt the USA, SS benefits have become the pawn with which the senior vote has been blackmailed into voting for the party with the most piteous cries?
The quote that, “the 67 million households that receive Social Security checks will pay about $94 billion in taxes on them.” Is very misleading.” if you receive under $32,000 as a couple, you are not paying any social security taxes anyway. So most of those paying taxes have additional income. I am living on SS, so eliminating taxes does nothing for me. If you really want to help, greatly increase what I receive every month so I don’t have to choose between medicine or food.
Trumps win reinforces my faith in God and the electoral system.
What’s not to like?