look news india
In America, the government collects heavy taxes from the people and provides other benefits including social security when a person retires. However, now inflation has increased so much that the amount received under social security is not sufficient. According to a CNN report, people who are older and have no other source of income are bearing the brunt of inflation. They get social security but are unable to make a living from it. A 78-year-old woman named Janet Albret is a widow and is dependent on social security. She says that till last year she was able to eat her favorite sandwich and even buy a salad. But now she does not eat even one meal a day because the support from the government is insufficient.
He complains that the prices of goods have increased a lot compared to last year. He spends $100 more per month on groceries than last year. He says he has never seen such inflation after 2021. Janet lives in a rented house and her rent has increased by $65 in the last two years. The electricity bill is also higher than before and he takes seven types of medicines a day which have become expensive. He has also suffered a heart attack once. They say I'm working on one-time noodles. I've never had food like that before.' Janet gets $1163 a month in social security.
There are many senior citizens in America who have no other income, are dependent on Social Security and their standard of living is falling due to inflation. Social Security now buys 20 percent less than it did in 2010. This means that Social Security has lost 20 percent of its purchasing power. People who retired in 2010 would have to earn $370 more per month to have the same purchasing power as before. This means an additional $4440 is needed each year. In other words, a person who used to get $100 in the US in 2010 may now get $80 because the purchasing power of Rs 20 has reduced.
Social Security amounts are adjusted each year in January to reflect increases in the cost of living. But in reality, the price increases are far higher. This has hit seniors on fixed incomes and Social Security the hardest. Eight of the last 15 adjustments have been below inflation. That means seniors have suffered.' Data says that between 2010 and 2024, social security benefits increased by 58 per cent, but commodity prices rose by 73 per cent in this 14-year period. Items including bread, meat, eggs have become expensive by 75 per cent to 147 per cent.