By – RNC Chairwoman Ronna McDaniel
As costs for everyday goods soar and the U.S. economy spirals under Biden and Democrats, America’s seniors are getting hit especially hard. Inflation is eating up their hard-earned savings and knocking down the value of their retirement accounts. The safety net so many worked their entire lives to secure is eroding before their very eyes. Many are now in dire financial straits, yet Biden recently said, “the economy is strong as hell.”
Unfortunately, this is an irresponsible lie. It’s also a moral failure. For those who rely on a fixed income, any unplanned and added costs can be devastating – if not totally crushing. Last year, inflation cost the average American family an extra $3,500. This past September alone, with inflation at a near 40-year high, it cost the typical household an extra $728. In one instance, Dan Gallo, whose mother has dementia, said that because of inflation a new daily $25 fee had been instituted at his mom’s senior living home. He asked: “How many seniors can afford an immediate $750 a month additional to their monthly fixed budget?”
The fact is, not many. In 2021, the poverty rate for Americans over 65 increased, and nearly one million seniors fell into poverty. On top of that, over the next decade, homelessness among seniors is expected to triple. Meanwhile, the average American has $11,000 less in savings than they did last year, and millions of retirees unable to absorb the rise in cost of living have had to reenter the workforce.
Something as simple as buying groceries has become a struggle for far too many. Earlier this year, nearly half of seniors reported visiting a food pantry or applying for food stamps. It’s little wonder why. In just the last year, food prices have spiked 13%, electricity is up 15%, gasoline 18%, rent 7%, and health insurance 28%. Many seniors are making hard decisions and painful trade-offs: using cold water over hot water, consolidating trips to the grocery store, or giving up meat.
What little relief has been offered is virtually ineffective and too little too late. While 10 million Americans rely on Social Security for 90% of their income, they’ve seen a real decrease in Social Security benefits because of inflation. And a recent cost-of-living adjustment bump of 8.7% comes too little too late: many have already fallen behind and there is a 3-to-12 month lag between inflation and the cost-of-living adjustment to take effect.
Retirement accounts are also taking a massive hit in Biden’s failed economy. The average 401(k) – a key retirement investment for millions of Americans – is “down about $34,000 – more than 25% in less than one year.” Public pension funds “have lost tens of billions.” To make matters worse, Democrats recently voted to raise taxes and worsen inflation.
It’s unbelievable. Republicans are ready to get our country back on track and put seniors first. Arizona Republican Senate candidate Blake Masters recently said “the greatest threat to seniors’ retirement today is the massive, crushing inflation that Joe Biden and Mark Kelly caused.” Michigan Republican congressional candidate John James said seniors “sacrificed for our success” and “the least we can do” is “provide a strong health safety net.” Pennsylvania Republican Senate candidate Dr. Oz understands that inflation is “hitting seniors, many of whom rely on Social Security, when they need every last penny.”
Change starts with accepting reality – something Biden can’t do. He may say the economy is “strong as hell,” but headed into November, 78 percent of Americans say economic conditions are poor. For seniors, the choice of who to vote for is clear. Biden and Democrats are failing them. For older Americans who aren’t even retired yet, the same applies: already 40 percent say inflation is causing them to delay retirement.
Everyone deserves better, and Republicans will deliver that change. We’re now under two weeks out from Election Day, and I urge everyone to vote. Make plans – whether that’s finding a ride or offering a ride to someone else. This election is far too important not to be prepared to make your voice heard.
Let’s turn things around. November 8 is the day. Let’s make it a momentous one.