Seniors receiving Social Security benefits may be in for a disappointing surprise thanks to the Biden administration. The administration announced on Thursday that the annual Cost of Living Adjustment (COLA) for the program will be less than half the rate of inflation. Talk about a slap in the face!
According to The Western Journal, monthly payments are set to increase by a measly 3.2 percent in 2024. That’s less than half the rate of this year’s whopping 8.7 percent inflation. It’s like the government is saying, “Thanks for your years of hard work, but we don’t really care about your cost of living.”
And let’s not forget, Social Security is a lifeline for over 71 million Americans, supporting them with about $1.7 trillion each year. Those are some serious numbers! Yet the Biden administration seems to be ignoring the fact that seniors rely on these payments to survive.
To make matters worse, a report by trustees for Social Security and Medicare concluded that neither program will be able to pay out full benefits to recipients by 2033. That’s just over a decade away! It’s a scary thought for people like Alfred Mason, an 83-year-old from Louisiana, who depends on Social Security to get by. How can the government let this happen?
🚨JUST IN: Social Security Recipients Get Bad News From The Biden Regime
Business as usual, Americans last! 👎🏼
— DK🇺🇸🦅🇺🇸 (@1Nicdar) October 12, 2023
The sad truth is that Social Security and Medicare are facing major financial challenges. As baby boomers retire in droves, there are fewer workers contributing to the system. In 1960, it took more than five workers to support each Social Security beneficiary. Now, it’s down to just 2.8 workers. Yikes!
It’s clear that Congress needs to step up and address these issues. Senior citizen advocates, like the CEO of the AARP, have been urging action for years. But as Mary Johnson, a Social Security and Medicare policy analyst, points out, Congress isn’t exactly known for its ability to make timely changes. And in today’s divisive political climate, reaching a solution seems almost impossible.
But here’s the thing: Americans have worked hard to earn their Social Security benefits. They deserve to receive the money they need to live a decent life in retirement. It’s time for Congress to put aside their differences and find a long-term solution that will ensure the stability of Social Security for current and future retirees. Our seniors deserve nothing less.