Thirty-three percent of adults aged 65 and up reported applying for food stamps or visiting a food pantry over the past 12 months, versus 22% in 2020, according to recent surveys. Could Social Security recipients get a break in 2023?
You don’t need to be a math whiz to understand that when you get a 5.9% raise, but inflation exceeds that, that you’re going to lose ground. That, in a nutshell, explains the problem that millions of Social Security recipients have encountered this year.
This year’s 5.9% boost was the biggest in four decades, according to Social Security Administration data. But Mary Johnson of the Senior Citizens League , a Washington-based nonpartisan group, calculates that boots-on-the-ground inflation—the true price that seniors are paying for essentials—has been sharply higher. By her reckoning, this means that the average monthly check this year, about $1,656, has actually been eroded, in real terms, by about $42 per month.
So it has been a difficult year. But could Social Security recipients get a break in 2023? The numbers suggest that this could be a possibility, though such a break would likely prove to be short-lived.Inflation, which exceeded this year’s cost of living increase, was so high that 2023’s increase will be a whopping 8.7%, the highest since 1981.
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