Economic Developments / Government Watch / Politics

Seniors Hard Hit by ‘the Runaway Biden Inflationary Spiral’

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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Terri Matson
9 days 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.

Karen
10 days 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.

J C
11 days ago

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

Casey C Matt
11 days 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.

Spud
12 days 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.

Beverly
12 days ago
Reply to  Spud

And, sitting on Hillary Clinton’s clandestine cabinet happens to be, Nancy Pelosi, Mitch McConnell, Chuck Schumer, Kevin McCarthy, Lindsay Graham, Elizabeth Warren, Adam Schiff.

Vinny
12 days ago
Reply to  Spud

I suspect the Obamas have a hand in this Biden charade, as well. Barack Obama still controls much of America’s judiciary. Through OFA, he controls ANTIFA and BLM militants.

One Eye'd Gary
12 days ago
Reply to  Vinny

All Barack Obama has to do is, snap his fingers, like that, small businesses across America get looted and burned to the ground. All Barack Obama has to do, hit a number on his speed dial, and voila, all supreme court justices get doxxed, militants parked on their doorsteps 24/7-365, terrorizing their families into submission.

Celeste
11 days ago
Reply to  One Eye'd Gary

Soros is the one snapping his fingers, Obama is simply the front man.

Terri Matson
9 days ago
Reply to  One Eye'd Gary

Have you noticed there is none of that terrorizing into submission behavior going on in the deep red places? We live in a rural unincorporated town a few miles from Bullhead City, AZ and about 60 miles from Kingman in the Mohave Desert. We are a 2A Sanctuary County in a 2A Sanctuary State. We don’t have home invasions or “peaceful protests”. None. None at all.

Gloria Hensley
12 days 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.

Brian Carrozza
11 days ago
Reply to  Gloria Hensley

The cause of both Seniors and young people becoming stressed about finances is exactly the same: Traitor Joe Biden. Elections have consequences.

Nancy Parry
12 days 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

ops
12 days ago
Reply to  Nancy Parry

Nancy..try Planet Drugs.com. Have used them myself and the service was excellent. Need not have to enroll just type in your prescription and see if it is available. Our doctor sends the script directly to Planet Drugs.com. Takes a little longer but workable. Price includes shipping. I used my insurance up to the point I hit the doughnut hole then would go to Planet drugs. One prescription was 1/2 the price.

Celeste
11 days ago
Reply to  Nancy Parry

Also try safemeds4all.com Although it states a prescription is needed, I’ve never furnished one. The $ comes directly out of your bank acct, which is a bit scary, but after doing business w/ them for about 17 yrs, no problems. Good Luck

Terri Matson
9 days ago
Reply to  Nancy Parry

I can’t afford my asthma inhalers either. I have been buying them from a pharmacy in Canada for a few years now. I got shipped from New Zealand. The latest one I ordered was made in the UK. You can choose which country of manufacture also. I use this place: pricepropharmacy dot com. You get a paper scrip from your doctor, fax or email it and yippie – affordable meds. There are a lot of mail order pharmacies in Canada. The good ones are certified by the Canadian government. A lot of people here go to Mexico to load up on their scripts. Just not narcotics. I prefer to buy from Canada.

porterv
12 days 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.

ops
12 days ago
Reply to  porterv

They are indeed Satan’s mouthpiece!! When have you heard the words spoken: God, Family or Patriotism?

TIKA
12 days 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.”

Steve
12 days 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.

Michael
12 days ago

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

TIKA
12 days ago
Reply to  Michael

he’ll get worse.

Patriot Will
12 days 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.

Celeste
11 days ago
Reply to  Patriot Will

Good Luck. The Fraudulent in the WH just shut down the Alaskan pipeline.

Gregg H Lambert
12 days 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)

Celeste
11 days ago

Yep. The final nail in the coffin was to be under the presidency of Hillary and after her two terms, she was to hand over sovereignty to the UN. Been hearing how the Joe the Fraudulent is planning to turn it over medical freedom to WHO. Sounds grotesquely the same to me.

David Millikan
12 days 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?

Gonzo
12 days ago
Reply to  David Millikan

We know the 2020 was rigged. How do we definitively know? If Biden-Harris really got 85 million votes, their poll numbers would otherwise be Reaganesque, rock solid approval ratings well over 60%. If Biden-Harris really won the thing, fair ‘n square? You wouldn’t be seeing Nancy Pelosi fencing offthe capitol building every time a MAGA-guy fartz –

Texas Resister 64
12 days ago
Reply to  Gonzo

Moreover, a win like that would have had a down-ballot effect. Biden’s candidacy was such a fraud that dems almost lost the House majority. Their lead from 2018 dropped a lot.

anna hubert
12 days ago
Reply to  David Millikan

everything you’ve said is true but crooks that milked the fed.cow for decades did so because voter did not give them a boot and that is the real problem they are not sitting on the throne for life

Gloria Hensley
12 days ago
Reply to  anna hubert

But we may be sitting under Chinese Communist Rule for the rest of our senior lives!!

anna hubert
12 days ago
Reply to  Gloria Hensley

famous last words come to mind” If only”

ops
12 days ago
Reply to  David Millikan

Biden has been an empty suit from day one. A self serving, pompous politician using the power of the office to line his pockets. A problem creator, not a problem solver! A loser in life and in public service!

Gloria Hensley
12 days ago
Reply to  David Millikan

Watch 2000 Mules and you will see how they did it. That’s on top of the Dominion machines.

james michalicek
12 days ago

I am glad I am sitting on my bench alone.

Tyrrell
13 days 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.

PFARIZONA
12 days ago
Reply to  Tyrrell

It’s laughable!

Brian Carrozza
11 days ago
Reply to  Tyrrell

Runaway inflation is the fault of only one person: Traitor Joe Biden.
Elections have consequences.

JerryH
11 days ago
Reply to  Tyrrell

Do you see a pattern there? It’s always someone else’s fault. The Democrats always paint themselves as incapable of wrongdoing. Nonetheless, they are the party of extremism, ultra liberalism, and immorality at its highest levels. It’s no wonder that their policies fail – they voted to take all references to God out of their party platform, and they make certain to never invoke His name ever. Yes. We are being ping-ponged by the party of big lies, the party that follows the father of lies, Satan himself.

June
13 days ago

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

Skippy
13 days ago
Reply to  June

Yes, you’re a bad American! You didn’t vote for Hillary Clinton. Now, we are going to make you pay. That’s the attitude.

Alfred
13 days ago
Reply to  June

The credit cards just about tapped out on prescription medical, price on my wife’s pulmonary medication having skyrocketed, US$8 thousand a dose, I can’t afford to fix the car. I’ve now spent more on prescription meds, than the house is worth. I went ahead, declared a homestead on the residence, in hope of keeping a roof over hour heads, keeping the hospital corporations and the banks from coming after it. Did I hear that right, the Biden people are sending what’s left of America’s baby formula, to illegal aliens, at the border?

Ruby
12 days ago
Reply to  Alfred

Indeed, you read that right. Can you believe it, Alfred? In addition to sending off what remains of America’s baby formula to illegal immigrants, Biden’s handlers drained America’s emergency petroleum reserve, forked it over to the Europeans.

Celeste
11 days ago
Reply to  Alfred

try safemeds4all.com No prescription needed. God Bless.

Hal
12 days ago
Reply to  June

If Hillary was POTUS, the National Bird would be a broomstick!!!!

Rudyard
13 days 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.

Sonny
13 days ago
Reply to  Rudyard

Bet you coffee and doughnuts its the Clintons and Obamas, jointly running the Biden Administration, by remote control.

Dotsster
12 days ago
Reply to  Sonny

You are so right Sonny, they are running the Biden administration right along with Pelosi . They are doing their best to shove socialism down our throat .

Hal
12 days ago
Reply to  Dotsster

Not just “socialism” … it’s Communism with a touch of Nazi salted in.

Gloria Hensley
12 days ago
Reply to  Dotsster

Klaus Schwab, George Soros (related to Zelensky of Ukraine) Bill Gates, Fauci and Collins, Pfizer, Chinese Communists, all the rest of the Oligarchs and Billionaires.

Gloria Hensley
12 days ago
Reply to  Rudyard

We are not being ‘punished’, we are being eliminated as worthless by Klaus Schwab and the other 99 elite billionaires that run this country and their slaves.

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