Due to Bidenomics, retirement is becoming more expensive for certain Americans, forcing them to reenter the workforce. This is part of Biden’s Better or Worse Build Back initiative.
Many pensioners are reportedly having to reapply for jobs as a result of Bidenomics’ complete economic collapse, according to Fox Business. Because their Social Security benefits have not increased to keep up with the rising cost of living, 44% of respondents to a Motley Fool poll of retired Americans that Fox News featured on June 18 are considering looking for work again. Prices have increased by 20% since Biden took office in January 2021, so it’s not unexpected that seniors are thinking about looking for work, but this is just one more example of how the Biden government is destroying the American Dream.
Even though Social Security recipients received a 3.2% cost-of-living adjustment in 2024, according to poll results, seniors believe they are still having financial difficulties, according to Fox Business. This is mainly because in March, April, and May of this year, the real rate of inflation was higher than the 3.2% cost-of-living increase.
“The greater inflation shows that households are still experiencing an erosion in buying power,” said retired Medicare and Social Security analyst Mary Johnson in a recent statement. Inflation is still rising, despite what Democrats and the media say. As said before, costs have increased by 20% since Biden assumed office. The majority of voters’ top concerns heading into the 2024 election are the economy and inflation, which could be problematic for Joe Biden’s chances of winning reelection.
According to data from the Social Security Administration, pensioners will get an average monthly benefit of $1,907 in 2024. However, as of 2022, Americans 65 years of age and older were paying $4,818 a month. Because Social Security only covers 40% of an individual’s pre-retirement wages, many older Americans are still struggling. Sixty-one percent of those who were surveyed said they struggled financially every day. According to the report, 27% of Americans only have Social Security as a source of income, which makes it considerably more difficult for them to make ends meet in Biden’s economy.
“A separate nationwide survey found that more than 25% of all non-retired investors doubt they will ever save up enough money to retire, and that if they were to retire in the next 12 months, they would probably have to return to the workforce at some point due to insufficient savings. A further 19% stated that inflation will cause them to retire later than expected.”
Fox Business provided some specific information about the cost of the basics. The cost of groceries has risen over 21% since 2021. In the meantime, energy prices increased by 38.4%, and “shelter costs” increased by 18.37%. Naturally, Americans with low incomes are the ones most affected by these price rises. In comparison to the same period last year, the average American household was spending $227 more each month as of March to purchase the same products and services. According to Fox Business, “Americans are spending on average $784 more per month than they did two years ago and $1,069 more than they did three years ago.”
It only takes a trip to the grocery store or gas station for those of us who live in the real world to realize just how awful Bidenomics is, despite the media and the Democratic Party’s best efforts to persuade Americans that the economy is fantastic.
Author: Steven Sinclaire
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