by Michael Snyder, The Economic Collapse Blog:
The Social Security program was instituted to help elderly Americans thrive during their retirement years. Unfortunately, millions upon millions of retired Americans are finding that their monthly Social Security payments are simply not enough as the cost of living spirals out of control. One recent survey found that a whopping 85 percent of U.S. adults now consider inflation to be one of the most important political issues that we are facing, and seniors are being hit particularly hard. In fact, a different survey that was just conducted by the Motley Fool discovered that 44 percent of retired Americans are thinking of going back to work because they need more money to survive…
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A growing number of retired Americans are considering returning to work as they continue to battle chronic inflation, according to a new survey published by the Motley Fool.
About 44% of respondents said they are thinking about looking for work because their Social Security benefits have not adequately kept pace with high inflation.
Needless to say, trying to go back to work in your seventies, eighties or nineties is not an easy thing to do.
But if you have to choose between going back to work or not eating three meals a day, I think that the choice is easy.
Today, the average Social Security payment is less than half of what the average retired American spends each month…
The average monthly Social Security payment in 2024 is $1,907, according to the Social Security Administration. But that is just a fraction of the $4,818 that Americans age 65 and older reported spending in 2022.
Of course the current economic environment has been very difficult for all of us.
If you can believe it, compared to three years ago the typical household in this country is spending an extra $1,069 per month just to maintain the same standard of living…
The typical U.S. household needed to pay $227 more a month in March to purchase the same goods and services it did one year ago because of still-high inflation. Americans are paying on average $784 more each month compared with the same time two years ago and $1,069 more compared with three years ago.
Sadly, the cost of living is only going to get worse because our leaders just can’t help themselves.
At this point, our politicians in Washington have borrowed so much money that we are spending more than a trillion dollars a year just in interest on the national debt.
In fact, we now spend more on interest on the national debt than we do on national defense.
But instead of slowing down, our politicians just continue to borrow and spend trillions upon trillions of dollars.
So inflation is not going away any time soon.
Meanwhile, the number of home foreclosures was up once again last month…
Home foreclosures rose again in May as Americans continue to grapple with the ongoing cost-of-living crisis.
That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions.
That certainly isn’t a good sign.
Needless to say, there have been lots and lots of troubling signs for the economy lately…
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