Social Security Recipients Losing Ground to Inflation
Despite the historic 8.7% increase in the 2023 monthly benefit for every Social Security recipient, American seniors continue to lose financial ground against inflation. A recent survey by the Senior Citizens League found that, since the year 2000, the average Social Security benefit has increased by 78%. Sounds good, right? Well, not if viewed in comparison to the cost of goods and services which have, during the same period, increased by over 141%. Thus America’s senior citizens, largely reliant on Social Security to make ends meet, continued to lose buying power, as discussed in this Money magazine article by Mary Ellen Cagnassola.