Biden’s Inflation Hits Seniors Hard
A historic cost of living increase in Social Security pay is outpaced by Medicare premiums and inflation.
The rate of inflation has hit a 30-year high, rising to 6.2% over last year thanks largely to Joe Biden. The blame lies with his implementation of a radical-left policy agenda combined with draconian COVID protocols and vaccine mandates that have done little other than sow division by turning the vaccine into a political issue. Biden’s steadily sinking poll numbers along with Democrats losing Virginia and nearly experiencing a shocking defeat in New Jersey still haven’t been enough of a reality check to get Biden to pull back on his crazy push for more social spending.
Even the passage and signing of Biden’s pork-filled $1.2 trillion infrastructure bill, the real cost of which is estimated to be closer to $5 trillion, has not helped to stabilize his sinking popularity. And that’s likely due to the fact that Americans everywhere are feeling the inflation squeeze. It’s hard to ignore the fact that the price of fuel and food are jumping — just as Americans are preparing to celebrate Thanksgiving, one of the most traveled holidays of the year.
Inevitably, inflation hits hardest those who are on fixed incomes, like senior citizens. In 2022, Social Security’s cost of living adjustment will rise 5.9%, the highest annual jump in 40 years, and yet it still falls short of matching the Biden-induced rate of inflation. Adding insult to injury, news dropped Friday afternoon that Medicare “Part B” premiums will rise next year by 14.5%.
The current monthly Medicare Part B premium of $148.50 monthly will rise by $21.60 to a monthly rate of $170.10, Medicare officials stated. That and other inflation will eat up Social Security’s cost of living bump that works out to an average of $92 per month, but far less for recipients on the lower end. Medicare officials are blaming the big jump in premiums on the agency’s decision to cover a new Alzheimer’s drug known as Aduhelm, which recently gained FDA approval although not without controversy. An FDA advisory panel last year nearly unanimously rejected approving the drug, citing flaws in the company’s studies. The cost of Aduhelm comes in at $56,000 annually.
Meanwhile, the Leftmedia is blowing off the spiking cost of food, fuel, and the rest as much ado about nothing. According to NBC’s Stephanie Ruhle, the “dirty little secret” is that Americans can easily afford the jumping prices but “nobody likes to pay more.” She contends that “household savings hit a record high over the pandemic — we didn’t really have anywhere to go out and spend.” In other words, Stop being greedy hoarders. That elitist “let them eat cake” sentiment is small comfort to American seniors living paycheck to paycheck on fixed Social Security incomes. They’re just trying to survive an economy yet to fully recover from a once-in-a-century global pandemic exacerbated by Biden’s vaccine mandates that are threatening the livelihoods of millions of Americans.
Is it any wonder Democrats are losing the American public?
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