September 30, 2022

Biden Robs Retirees

The president’s failed economic policies have decimated Americans’ savings while drastically raising the cost of living.

Analysis: Republican National Committee

UNDER BIDEN, SENIORS FACE SKYROCKETING COSTS, LOWER SAVINGS, AND A HIGHER POVERTY RATE

MEDICARE PREMIUMS AND LONG-TERM CARE COSTS HAVE SPIKED UNDER BIDEN

BIDEN HAS DECIMATED AMERICANS’ SAVINGS AND LEFT SENIORS SCRAMBLING

  • Tens of millions of Americans are facing shrinking retirement savings thanks to Biden’s failed economy.
  • Under Biden, the dream of retirement is being destroyed for many Americans.
    • Connie Kitchens, a retired Georgia public school teacher, on returning to work: “I have to find the right job, with flexibility. This isn’t what I dreamed it was going to be when I retired.”
    • W.E. Upjohn Institute’s Beth Truesdale on retirees going back to work: “In many cases, it isn’t a choice to work longer so much as having to work longer to make ends meet.”
    • Sinem Buber, lead economist at ZipRecruiter: “The purchasing power of retirement savings is eroding every single month.”

BIDEN’S ECONOMY HAS FORCED MORE SENIORS TO RELY ON FOOD BANKS AND FOOD STAMPS

  • Biden’s failing economy has dried up many seniors’ bank accounts, sending them to food banks for help.
    • Ohio senior, Mary Ann: “I never thought that I would be asking for help. Never. But I have to, I have no other choice.”
    • Mary Padula, retired grocery store worker: “I don’t have the money to buy what I need.”
  • Earlier this year nearly half of seniors reported visiting a food pantry or applying for food stamps.
  • Last year, 9.5 percent of elderly Americans living alone faced food insecurity, an increase from the year prior.
  • The increasing cost of groceries has impacted more than three quarters of older Americans, leading nearly a third to buy cheaper and less healthy foods.
    • 37 percent of all older Americans say rising food costs has impacted them “a lot,” including 56 percent of older Americans with a household income less than $30,000.
    • Skyrocketing gas prices have also caused many to cut back on regular outings and activities that keep seniors active and healthy.

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