Tragic DISCOVERY For Social Security – It Changes Everything
(RightWing.org) – The US Bureau of Labor Statistics released its latest Consumer Price Index (CPI) report on May 11. The CPI for all urban consumers increased by 0.3% in April and 8.3% for the year. In addition, a new report by a nonpartisan advocacy group broke down what current inflationary figures mean for America’s aging citizens.
On Wednesday, May 11, The Senior Citizens League (TSCL) issued a nine-page update to its ongoing Social Security Loss of Buying Power Study. Mary Johnson, the author of the study, reported that Social Security benefits suffered a stunning loss of 40% of its buying power since 2000. According to Johnson, that figure represents the largest drop since TSCL began its research project.
Inflation has eroded 40% of Social Security's purchasing power since 2000https://t.co/TUkFFcoBJp
— FOX Business (@FoxBusiness) May 13, 2022
Additionally, the study determined the buying power of Social Security benefits decreased by 10% during the 12 months ending in March 2022. According to the TSCL’s analysis, this represents the group’s largest recorded year-on-year decline.
Making matters worse, Johnson estimated Social Security beneficiaries can expect to receive an annual cost of living adjustment of only around 8.6% in 2023, based on the Labor Department’s latest CPI figures.
TSCL’s study found that prices increased in nearly all 37 categories analyzed. Social Security recipients experienced the largest price increases for gasoline, heating oil, eggs, bacon, oranges, and ground chuck. Additionally, monthly Medicare Part B premiums increased to $170.10 in 2022, representing a year-on-year increase of 14.5%.
Putting the study in context, Johnson determined that Social Security COLAs have increased 64% since 2000. However, typical expenses increased by roughly 130% for the 22-year period ending in March 2022.
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