Bidenomics has made retirement unaffordable for some retired Americans. This is Biden’s Build Back Better — or poorer.
Fox Business reported on the economic disaster of Bidenomics, which has forced many retirees to seek work again. Fox News reported on June 18, that a Motley Fool poll of retired Americans found that 44% are considering looking for a job again because their Social Security benefits do not keep up with inflation. Prices have risen by 20% since January 2021 when Biden became president. It’s no surprise that retired Americans are thinking about finding work again, as their Social Security benefits do not keep up with inflation.
Fox Business reported, “While Social Security beneficiaries received a cost-of-living adjustment of 3.2% in 2024,” retirees still say they struggle financially. The survey results show. This is because inflation was higher than this year’s cost-of-living bump of 3.2% in March, April, and May.
Mary Johnson, a retired Social Security and Medicare analyst, stated that “the higher inflation indicates consumers are still experiencing an erosion in purchasing power.” This is despite claims made by the media and Democrats. As noted above, the prices have increased by 20% since Biden’s election. Most voters will be focusing on the economy/inflation as they prepare for the 2024 elections. This could spell trouble for Joe Biden and his reelection bid.
The Social Security Administration estimates that in 2024 retirees will receive an average of $1,907 per month. In 2022, Americans aged 65 and older spent $4,818 per month. Social Security doesn’t cover the entire cost of living for older Americans, even though it is supposed to (the average payment equals 40% of their earnings before retirement). Sixty-one percent of the respondents to the survey reported daily financial difficulties. Around 27% of Americans rely solely on Social Security, which makes it harder to pay for expenses under Biden’s economic plan.
According to a survey by Nationwide, more than a quarter of non-retired investors believe they would be forced to return into the workforce due to insufficient savings if they retired within the next year. Meanwhile, 19% do not think they will save enough money for retirement.
A further 19% of respondents said that inflation will cause them to retire later than they planned.
Fox Business has added specific information on the price of essentials. Since the start of 2021, grocery prices have increased by more than 21%. While “shelter prices” increased by 18.37% and energy prices rose 38.4%, “shelter cost” has risen by 18,37%. The poorest Americans are the ones who suffer most. As of March, the average American household was paying $227 extra per month for the same products and services as compared to last year. Fox Business reported that “Americans pay on average $784 extra per month than they did two years ago, and $1069 more than three years ago”
The media and Democrat Party desperately try to convince Americans that their economy is great, but we who live in the real world only have to visit the gas station or grocery store to realize how bad Bidenomics really is.
