The benefit and pay increases are historic. Social Security payments are going up 8.7%, the largest increase in more than 40 years. Food stamp benefits are going up 12.5%, the largest in the program’s history. Minimum wage is going up 9%, the largest since 2007.
2. Runaway inflation
Inflation is skyrocketing too. June’s 9.1% year-over-year increase was the largest since 1981. And while that is an average for all goods, The rates for specific things like food and energy are far higher.
3. Social Security losing buying power
Area seniors say Social Security is a vital benefit, but the Senior Citizens League earlier this year said that Social Security benefits have lost 40% of their buying power since 2000.
4. Price of groceries particular problem
Food prices went up an average 11.2% year-over-year from September 2021 to this year, according to the U.S. Bureau of Labor Statistics. This has some area agencies worried about increasing food insecurity.
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